Spanish renewable energy company Opdenergy Holding SA is all set to conduct an initial public offering (IPO) in Spain.
The company announced on Wednesday about the IPO which was halted last year. Through the allocation of shares, the company plans to finance its renewables target for 2025.
The company has set a goal of reaching around 3.3 GW of renewables in operation and under construction in 2025.
According to the energy developer, "it is offering new shares to raise gross proceeds of up to EUR 200 million (USD 209.7m)."
The company shared that proceeds from the new offering will help Opdenergy finance its business plan.
Company CEO Luis Cid was quoted, “The funds obtained with the Offer will allow us to continue developing renewable energy projects in our markets, with a profitable and business-oriented strategy, focused on sustainability, and on continuing to supply clean energy to our customers in Europe and America”.
Currently, the energy developer has a portfolio of around 2.4 GW of projects, either in operation or construction or in process. Opdenergy informed that it has projects in Spain, Italy, UK, France, Poland, the US, Chile, Mexico and Colombia.