Greenvolt will issue 17,792,576 new shares at a price of 5.62 euros per unit, increasing its share capital by nearly 100 million euros, the company, led by Joao Manso Neto, announced this Thursday.
The operation is carried out through a preferential issue for current shareholders and investors who acquire a pre-emptive right, and will result in a capital increase of 99,994,277.12 euros.
In a presentation released today, Greenvolt outlines the operation’s goals to accelerate the implementation of its revised development plan, which now includes 6.6 GW in the “pipeline” and strengthening the distributed generation segment; as well as partial financing of 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 made several acquisitions.
The subscription rate is 0.14659 and the offer will be valid from June 20 to July 4.
There will be a 180-day “blocking” period during which shareholders will not be able to trade in the shares to which this offer is subscribed.
Greenvolt also points out that there are “irrevocable” commitments to participate in the capital increase from the “core” shareholders: Promendo Investimentos, Ana Meneres de Mendonza, Caderno Azul, Joao Borges de Oliveira, Actium Capital, Paulo Fernandez, Livrefluxo, by Domingos Vieira de Matos, and 1 Thing, Investments, Pedro Borges de Oliveira. In total, these shareholders control about 39% of the company’s capital.
A similar commitment is shared by KWE Partners, shareholders of V-Ridium, which owns approximately 9.2% of Greenvolt.
In the presentation, Greenvolt indicates that it has revised its goals in response to announcements made when it went public less than a year ago. Thus, the investment (Capex) for the next five years now ranges from 3.8 thousand to 4.2 billion euros, which is more than double the initial 1.5 thousand to 1.8 billion euros.
In terms of earnings before interest, taxes, depreciation and amortization (EBITDA), Greenvolt expects CAGR of around 43% between 2021 and 2025.
The segment rates also differ. Whereas 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 is now aiming for just 30% biomass, 15% distributed generation, and solar energy – 15%. and wind account for 55% of EBITDA.
