MADRID, May 5 (Reuters) - Spanish renewable power group
Opdenergy has shelved an initial public offering (IPO) due to
volatility among green power stocks, just days before its shares
were set to start trading, it said on Wednesday, confirming an
earlier Reuters report.
The company said in a bourse filing it was postponing the
deal, in which it was looking to raise around 375 million euros
($450 million) "in view of the unstable conditions in markets in
general, and for renewable energy companies".
Orders for the stock had been coming in slowly, a source
familiar with the matter told Reuters, adding the company still
wanted to go public in future, but had not set a new date.
Shares had been expected to start trading on May 7.
The decision was taken after fellow Spanish renewable energy
developer Ecoener's stock plunged 15% on its first day trading
on Tuesday. The size of that IPO was slashed due to limited
Bigger peers Solaria and Neoen have
both lost more than 30% in market value this year.
The smaller deals were expected to be a precursor to much
larger ones in the sector, starting with the sale of shares in
industrial group Acciona's energy unit, which could
value the unit at up to 8 billion euros.
Led by Luis Cid, who previously worked at wind power giant
Iberdrola, Opdenergy runs 13 solar parks and one onshore wind
farm, with projects in Spain, Britain, Chile, France, Italy,
Mexico, Poland and the United States.
The company sought alternative sources of funding even after
formally declaring its intention to list, and hired Spanish bank
BBVA to underwrite 500 million euros in debt to help
finance plans to add 3.7 gigawatts of capacity to its current
580 megawatts by the end of 2026.
Citi and Santander were coordinating the
deal, while Alantra, Bank of America,
Berenberg and RBC Capital Markets were bookrunners.
Rothschild & Co and Evercore advised the
($1 = 0.8333 euros)
(Reporting by Isla Binnie. Editing by Stephen Coates and Mark