GreenVolt announces an IPO of around 150M

GreenVolt on Thursday announced an Initial Public Offering of around 150 million euros aimed at institutional investors, with an additional and simultaneous reserved capital increase of 56 million euros as consideration for the acquisition of the Polish company V-Ridium.

In a statement sent to the Portuguese Securities Market Commission (CMVM), GreenVolt, Energias Renováveis states that it has requested the admission of its ordinary shares to trading on Euronext Lisbon and that the Initial Public Offering (IPO) will consist entirely of a primary offering of new ordinary shares issued by the company to institutional investors.

The Altri Group is committed to remaining the reference and majority shareholder of GreenVolt, the company said in the statement.

“After more than 20 years of history of constant evolution into what GreenVolt is today, our company remains fully committed to its roots and principles of creating economic value for shareholders, people and society in a sustainable way,” said Greenvolt’s CEO, João Manso Neto, quoted in the statement.

He adds that the IPO of “GreenVolt will make visible its value, to be shared with market investors, and will provide the company with independence of capital to continue to meet its growth ambitions.

“Our shareholder Altri, the board of directors and I believe this will be a unique opportunity for investors to participate in the consolidation strategy of our core biomass business and our clear plan to address the growing European Renewables market through a major pan-European player in development, with extensive capabilities in the most project-demanding European markets,” Neto said in the statement.

According to the statement, GreenVolt is the main biomass energy operator in Portugal with a 48 percent market share, holding a highly efficient portfolio of five biomass power plants with an aggregate capacity of 98 megawatts (MW).