US fund to launch takeover bid for renewables company Greenvolt

The US equity fund KKR is to launch a takeover bid or public acquisition offer for the Portuguese renewables energy company Greenvolt.

A €1.1Bn price tag has been mooted for the energy company founded in 2020 by former EDP Renewables executive João Manso Neto and although the takeover is not yet a sure deal, it could mean the company, which has a strong component in biomass fuels, will be taken off the Euronext Lisbon stock market.
Greenvolt Power is already one of the largest brands in Europe in the segment of the development of utility-scale solar and wind projects, with a pipeline of approximately 5.8 GW of which approximately 4.0 GW are in an advanced or ready-to-build stage. The Company operates in several markets across the globe.
It is the second major Portuguese player to leave the stock market following Farfetch, albeit for very different reasons.
News of the PAO on 21st December saw share values for the company increase by 10% to €8.185 per share. However, during negotiations the share price fell back to €8.345, above the €8.30 offered by the US fund.
At the start of 2023 KRR had invested €200 million in Greenvolt when it purchased convertible bonds into capital shares, pushing the value of the company up to €1.6Bn.
KKR advanced with the PAO through a fund in Luxembourg after having reached an agreement with Greenvolt’s seven key shareholders for the purchase of 60% of the company.
With the PAO the fund plans to purchase the remaining capital that it does not possess. The operation has placed a €1.1Bn price tag on Greenvolt. After the news the stock market regulator CMVM suspended trading of the company’s shares on Thursday morning; a decision that was later lifted at 10.35am.

ANTÓNIO COTRIM/LUSA
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