Greenvolt increases syndicated loan by €50 million
Portuguese renewables company Greenvolt has increased a syndicated loan to finance the company in preparation for an Initial Public Offer (IPO) from €350 million to €400 million euros.
The company led by João Manso Neto announced the financing this week. The decision is down to the high level of interest in the company from the financial, banking and institutional community.
The renewable energy company also highlights the fact that the funding injection came from “two institutions, one of which is working in collaboration with the Greenvolt group”.
“Initially, the syndicate consisted of one institutional investor and five banks, with four new financial institutions joining the Greenvolt group as corporate-level partners. With the reinforcement of financing, this operation has a total of eight different international entities,” the company says.
The amount obtained is intended to “strengthen the balance sheet of the Greenvolt group to foster the development of its pipeline in the Utility Scale segment, and boosting the company’s next phase of growth,” it said.
On the other hand, “it allows the company to reinforce its strategy of building long-term relationships with key financial institutions”.
Currently, Greenvolt has a pipeline of 9.3 GW in wind, solar photovoltaic and battery solutions projects in a total of 16 countries.
This increase in financing comes as the public takeover bid (OPA) by the North American private equity firm Kohlberg Kravis Roberts (KKR) begins, which will take place between this Monday and October 24.