- The transaction is comprised of two convertible bonds totaling €6M, with a conversion price of €6.80 per share, implying a 25% premium on Enerside Energy’s IPO price, that took place last March.
- With this issuance, the vertically integrated renewables platform, with 3GW of inorganic growth opportunities under analysis, will be able to boost its growth and accelerate its Business Plan.
- Inveready already holds 0.12% of Enerside’s capital through its strategic equity fund, Inveready Alternative Markets, which participated the Company’s IPO last March.
July 20th, 2022.– Enerside Energy, the Spanish fully integrated solar PV platform, has formalized an investment agreement with Inveready, a leading asset manager in Spain, that will allow the company to accelerate its business plan and boost its growth.
The agreement will be comprised of the issuance of two convertible bonds of 3 million euros each, at a conversion price of 6.80€ per share and with a maturity of 57 and 60 months. The price implies a premium of 25% compared to the IPO price of Enerside, which took place last March, and represented the largest IPO of the BME Growth Market during the first half of 2022.
Last June, Enerside connected its fourth solar park of 2022, demonstrating the positive evolution of its business plan with which it expects to achieve revenues of 40 million euros this year, multiplying by about 4 times its 2021 turnover. The Company is already constructing 91 MW of PV solar plants for third parties, out of the total 156MW that make up its EPC portfolio, which includes 30MW of additional projects awarded this year.
In 2022, revenue generation will be led by the construction of facilities for third parties (EPC), multiplying by almost ten times those obtained in this line of business during the previous year. The company will also generate other revenues such as those derived from its activity as independent power producer (IPP), its asset rotation strategy, and further EPC contracts to be awarded by third parties, thereby reaching its target of 40 million euros.
Founded in 2007, Enerside has a solid track record in the development of +4.5 GW solar PV projects, including reference industrial customers in Europe and Latin America. The Company has international presence with operations in high-growing PV markets, such as Spain, Brazil, Italy, or Chile.
For Enerside’s CEO, Joatham Grange, “the fact that Inveready, a prestigious investor in high growth companies, supports the company and decides to invest once again, after having participated in the company’s IPO last March, shows our good performance and attractiveness despite the complex global economic context”.
Rubén González, Investment Director of the fund, remarks that: “The European energy transition creates investment opportunities, but also challenges. We believe that Enerside has the necessary capabilities to lead the wave of growth that is taking place in the development of solar photovoltaic energy and become one of the leading Spanish IPP”.
Founded in 2008, Inveready is one of the leading asset managers in Spain. It invests through different strategies (Digital Technologies, Life Sciences, Venture Debt, Strategic Public Equity, Infrastructures and Private Equity, among others) in companies with a strong innovative component, providing financing solutions to companies throughout their life cycle. To date, it has almost 200 active companies within its portfolio, has successfully realized over 60 divestments, and has more than 1 billion euros in assets under management. Inveready is based in San Sebastian (Spain) and has other offices in Barcelona and Madrid. It has been recognized multiple times by ASCRI and Preqin for the return of their funds and their transactions. (For more information, visit www.inveready.com).
Enerside is a vertically integrated company in the photovoltaic solar energy sector, which stands out for its strong industrial profile and geographical diversification in the markets with the greatest potential for solar energy (Spain, Italy, Brazil, and Chile).
Enerside is currently immersed in promoting the development of 4.5 GW in differentiated, highly qualified projects with an advanced degree of maturity that give it an excellent position to capture demand growth and a large capacity to generate value, through the sale of projects in the RTB (Ready to Build) phase and with the direct exploitation of part of the pipeline as an independent energy producer (IPP). (For more information, visit www.enerside.com).
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