Columbus gets regulatory nod to move to Warsaw's main market

March 16 (Renewables Now) - Polish photovoltaics (PV) installer Columbus Energy SA said on Tuesday that financial market regulator KNF has approved its prospectus for transferring the company's shares to the main market of the Warsaw Stock Exchange from the alternative NewConnect.

The regulated market of the Warsaw Stock Exchange will open access to a new group of investors, CEO Dawid Zielinski commented. It will also facilitate investments in key projects, such as large-scale energy storage facilities and expansion on foreign markets.

Columbus noted that it was its second filing for admitting its shares to trading on the regulated market. The first attempt was in 2017, when the company was scaling up its operations but a strong turnaround in the energy sector thwarted its plans.

The preparation and the presentation of the project was made with the help of New York-based law firm White&Case.

According to the prospectus, the share capital of the company is PLN 129.98 million (USD 29m/EUR 27.6m). Its main shareholders are Dawid Zielinski with 49.93% and Piotr Kurczewski with 20.11%. In 2021, it had sales of PLN 704 million but turned to a loss of PLN 16 million from a profit of PLN 63 million a year earlier.

Recently, Columbus has agreed to sell 100% of its holding in photovoltaic (PV) projects with a total capacity of 102.5 MW to Engie Zielona Energia for over EUR 97 million (USD 103m) in order to repay debt.

(PLN 10 = USD 2.24/EUR 2.13)