OPDE speeds up its plans to go public. The renewables company finalizes a new opportunity to enter the market before July 15. Its plans are to capture up to 200 million and be valued at up to 800 million euros, according to financial sources.
The company already tried to go public last year. So his plans were bigger and he intended to carry out a capital increase to raise between 375 million and 425 million. And a valuation of up to 900 million. The operation was shipwrecked by the avalanche of renewable paper last year on the Stock Exchange, after having already consistently lowered initial expectations, which passed for valuations of over 1,000 million.
OPDE has now redesigned the operation and it is now half done. They try to capture between 150 and 200 million through a capital increase. And, therefore, jump to the parquet with a valuation of between 600 and 800 million. It has mandated Santander, Barclays and Société Générale to lead the operation.
The calendar with which both the company and its advisory banks work is to try to launch the operation soon, so that the new company is already listed on the Stock Exchange before July 15. In these weeks they carry out the first meetings with investors, known as premarketing, with the aim of testing the market’s appetite. OPDE sources have declined to comment.
Unlike most listed companies, the war in Ukraine has left the renewable energy sector the big winner. Europe has proposed to completely eliminate dependence on Russian gas and commit to energy independence through the massive construction of renewable plants. And this encourages investment in this type of company, given the government’s push for the massive development of parks.
In the case of OPDE, it tries to raise funds from investors on the Stock Exchange to finance the development and construction of the approximately 3.7 GW of projects in its portfolio in the most advanced phases, which include approximately 907 megawatts located in Spain and the United States, and approximately 2,781 MW of projects in advanced phase. It has 583.7 MW of its own in operation and construction, distributed in Spain, the USA, Mexico, Chile, Italy and the United Kingdom.
Last summer the company got a strong boost for its industrial plans. It sold 20 solar projects, totaling a capacity of more than 1,000 MW, to Bruc. With this operation, the company tries to calm one of the main misgivings of the market: the lack of renewable energy projects in operation and an excessive pipeline with little visibility.
Of the 9,440 megawatts in projects that it currently has in the portfolio, 42% of the projected capacity is in the most incipient phase and less than 30% is categorized as having real probabilities of execution.