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Spain's Grenergy launches 105 mln euro capital hike

· 03/17/2021 14:16
Spain's Grenergy launches 105 mln euro capital hike

- Spanish renewable energy group Grenergy GREG.MC will launch a 105 million euro ($125 million) capital increase to finance new projects and accelerate its business plan, it said on Wednesday.

The company, which debuted on the main Madrid stock market in December 2019, will issue new shares with a nominal value of 0.35 euros via an accelerated bookbuilding.

Grenergy said the rationale behind the capital hike was to finance the development and construction of projects in its pipeline, which it aims to connect to the electricity grid in the medium term.

It also plans to expand its portfolio of projects under development and strengthen its organisational structure.

Barclays will coordinate the operation and act as joint bookrunner with BBVA, Oddo, JB and RBC Capital Markets.

Rising demand for environmentally friendly investments is focusing attention on Spain's under-exploited solar and more established wind sector, with a raft of stock market listings planned in the next two years. nL8N2KU7RW

($1 = 0.8399 euros)

(Reporting by Nathan Allen; Editing by Jan Harvey)

((n.allen@thomsonreuters.com; +34 617 792 131;))