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Grupo Ecoener, a Spanish renewable energy generation company, has announced its intention to conduct an offer for the subscription of its newly issued ordinary shares to qualified investors both in Spain and abroad.
The company is expected to raise approximately €200 million (including an overallotment option) through the issuance of new shares, proceeds that are expected to be used by Ecoener as follows (and in order): (i) to pay the expenses of the offering and (ii) to finance the development and construction of projects detailed within its pipeline projects. Headquartered in La Coruña, Spain, Ecoener has 141 MW of installed gross capacity (116MW attributable) currently in operation, 142 MW (142MW attributable) under construction and a pipeline of approximately 1.5 GW at different stages of development. 22% of Ecoener’s installed capacity is outside Spain.
The company will then apply to have its shares listed on the Spanish Stock Exchanges and quoted on the Automated Quotation System (Sistema de Interconexión Bursátil or mercado continuo). The offering and the admission to trading on the Spanish Stock Exchanges, as well as its definitive timetable, are subject, among other things, to market conditions and to the approval of an EU admission prospectus by the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores, the CNMV).
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