Altri and GreenVolt on Monday celebrated the VR Europe (MoU) Memorandum of Understanding, of a non-binding nature, that will embody the internationalization of the renewable energy company led by Manso Neto.
at Release, The company indicates that under this agreement is expected to implement VR Europe in GreenVolt, in conjunction with the relevant initial public offering, from where it has not yet been determined, an increase in capital that may occur in the form of in-kind contributions, consisting of for all shares that represent share capital. And voting rights for its Polish subsidiary V-Ridium Power Group, at a subscription price corresponding to the maximum price for the time period to be determined within the scope of the GreenVolt IPO, and on the basis of V-Ridium’s valuation for 56 million euros, they can add 14 million euros to it through Achievement of the objectives to be set.
V-Ridium is a Polish-based company operating in the renewable energy sector but on a European scale, being a reference player in this sector and its pipeline is wind and solar energy projects, mainly in Poland and Greece, with about 2,800 megawatts (megawatts), of which more than 1500 MW, in an advanced stage of development. The company, formerly known as Geo Renewables, has built some projects in Poland with EDP Renováveis.
As stated in the same note to CMVM, “As a result of the IPO, Greenvolt will now retain all capital and voting rights in V-Ridium, with VR Europe acquiring eligible ownership in Greenvolt’s capital, at a percentage that can be determined in the IPO, thus contributing to Increase their dispersion. “
Altri explains that due to the non-binding nature of the MOU and the pending conditions to which the transaction is subject, “there is still uncertainty about the completion of this anticipated deal,” adding that the statement issued on Monday aims to “inform the market of the possibility that, at the same time and in the context of the IPO , May be an eligible property representing Greenvolt’s capital and voting rights by a pre-defined shareholder, VR Europe, as a result of the possibility to complete this process. “
As it has been further emphasized, participation, if achieved, “will always be subject to verification of a set of prior conditions usual in operations of this kind, such as satisfactory achievement of confirmatory due diligence, negotiation and conclusion of agreements inherent in transactions, obtaining applicable regulatory licenses as well as evaluation of entries. By an independent legal auditor.
VR Europe, in the aforementioned MOU, has granted to Altri and its subsidiaries Renewable Energy “exclusivity in negotiations with a view to concluding this transaction, by October 31, 2021”, as stated.
According to the group, the potential investigation of the process agreed upon in the Memorandum of Understanding “fits into the ambitious national and international Greenvolt expansion project and constitutes another step in the process of asserting society as a reference player, internationally, in the renewable energies market, and contributing to this.” For growth, to expand its business in the wind and photovoltaic sectors in the European context. ”