Greenvolt announces a 100 million capital increase – Energia

Greenvolt, led by João Manso Neto, announced, Thursday, the offering of 17,792,576 new shares at a unit price of 5.62 euros, increasing its share capital by nearly 100 million euros.

The operation is carried out through a preferential issuance to existing shareholders and investors who receive preferential rights and will result in a capital increase of €99.994277.12.

In the presentation released today, Greenvolt outlines the operation’s goals to accelerate implementation of its revised development plan, which now includes 6.6GW in the “pipeline” and boost the distributed generation sector; As well as partially financing some projects until they become self-financing, and finally, “this capital injection will provide additional liquidity to the company after the growth program of the past few months”, during which it carried out several acquisitions.

The subscription factor is 0.14659 and the offer will run from June 20th to July 4th.

There will be a 180-day “closing-in” period, during which shareholders will not be able to trade the shares subscribed to in this Offer.

Greenvolt also notes that there are “irrevocable” commitments to participate in a capital increase by “hard core” shareholders: Promendo Investimentos, by Ana Miners de Mendonca, Cderno Azul, by João Borges de Oliveira, Actium Capital, by Paulo Fernandez, Livrefluxo , by Domingos Vieira de Matos, and 1 Thing, Investments, by Pedro Borges de Oliveira. Altogether, these shareholders control about 39% of the company’s share capital.

There is also a similar commitment on the part of KWE Partners, shareholders of V-Ridium, which owns approximately 9.2% of Greenvolt.

In the presentation, Greenvolt notes that it revised its goals in relation to statements made when it was released to the public, less than a year ago. Thus, the investment (capital expenditures) for the next five years is now between 3.8 thousand and 4.2 billion euros, which is more than double the original amount of 1.5 thousand to 1.8 billion euros.

In terms of earnings before interest, taxes, depreciation, and amortization (EBITDA), Greenvolt expects average annual growth between 2021 and 2025 of approximately 43%.

The difference is also the bet by slides. If, at the time of the IPO, Greenvolt estimated that half of its EBITDA would come from biomass and the other half from solar, wind and distributed generation, the company now aims to weigh in just 30% biomass, and generation distribution 15% Solar and wind account for 55% of EBITDA.