24 Junho, 2021

GreenVolt announce intention to float

GreenVolt – Energias Renováveis, S.A. today announces its intention to proceed with an IPO of around €150m addressed to qualified investors, with an additional and concurrent €56m reserved capital increase as consideration for the acquisition of the Polish development platform V-Ridium. GreenVolt has applied for the admission of its ordinary shares to trading on Euronext Lisbon. The Offering will consist entirely of a primary offering of new issued ordinary shares by the Company to institutional investors. Altri Group is committed to remain as reference and majority shareholder of GreenVolt.

João Manso Neto, CEO of GreenVolt, commented: “After over 20 years of history of constant evolution into what GreenVolt is today, our company continues to be fully committed to its roots and principles of creating economic value to shareholders, people and society in a sustainable way. The IPO of GreenVolt will make its value visible, to be shared with market investors, and provide the company with capital independence to continue to fulfil its growth ambitions. Our shareholder Altri, the Board and I believe that this will be a unique opportunity for investors to participate in the consolidation strategy of our leading biomass activity and our clear plan to address the growing European Renewables market through a major pan-European player in development, with ample capabilities in the most project-scarce European markets.”

GreenVolt is the leading biomass energy operator in Portugal with a market share of 48%, holding a highly efficient portfolio of five biomass plants with an aggregate 98 MW of injection capacity, generating 732.6 GWh in 2020 and operating at above-market average efficiency levels (93.6%3 availability). In addition, the Company is looking to complete the acquisition of Tilbury Green Power Holdings Limited, a top-end biomass facility of 43.6 MW net generating capacity in the United Kingdom, as part of its European consolidation strategy. This market-reference fleet is enriched by a profitable renewables development and asset rotation business with a tangible pipeline of c.3.6 GW in solar PV and onshore wind, and is positioned in the high growth decentralised generation business in the highly productive Iberian Peninsula region.

Biomass operations are anchored on a low-risk, regulated business profile, with a 17-year feed-in-tariff (FiT) visibility, supported by Altri through long-term supply agreements of biomass, O&M and other support functions that provide GreenVolt with key competitive advantages to achieve high returns.

Through V-Ridium, GreenVolt is already a European major in solar PV and onshore wind, with a panEuropean platform with a pipeline of circa 3.6 GW8, of which ~1.5 GW9 are currently at under construction, ready-to-build (RTB) or advanced phase, that shall be carefully selected and optimised under a optionalitydriven rotation strategy: to selectively sell at RTB or COD, or to keep assets on-balance sheet as productive plants.

The Company is fully committed to ESG principles since inception, holds a natural “ESG DNA” and has well-structured human resource policies focused on long term key management and talent retention. GreenVolt reported a 2020 EBITDA of €32.8m exclusively from regulated FiT revenues and a solid track record (34% 2018-20 EBITDA CAGR). Additionally, the Company currently holds a 1.0x leverage10 position, a prudent capital structure policy to support its growth ambitions, as it begins its journey as public company.

Radek Nowak, CEO of V-Ridium, commented: “We are delighted to be part of GreenVolt’s IPO at an exciting time for V-Ridium. Our passion for the Renewables business and our deep knowledge of the most promising markets, where we operate, have made us a leading pan-European development player in this attractive and competitive segment. Our goal is to continue pursuing an optionality-centered development approach to maximize project return for derisked assets in project-scarce markets.”