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    EDPR   ES0127797019

EDP RENOVÁVEIS, S.A.

(EDPR)
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EDP Renováveis S A : Renovaveis raises 1.5 billion euros to help fund investment

03/03/2021 | 04:09am EDT

LISBON, March 3 (Reuters) - Portugal's EDP Renovaveis has raised 1.5 billion euros ($1.8 billion) in an accelerated capital increase to help fund investment to 2025, the renewable energy unit of top utility EDP said on Wednesday.

EDP last week announced plans to invest 24 billion euros ($29 billion) in green initiatives, mostly renewable power and grids in the United States and Europe, over five years, as it seeks to bring forward its push to go "completely green" by 2030.

The plan foresees EDP Renovaveis investing 19 billion euros to deploy around 20 GW of renewable energy by 2025.

"The proposed capital increase... is to partially finance EDPR's capex plan," it said in a statement.

EDP Renovaveis placed 88,250,000 shares with institutional investors, representing 10.1% of existing share capital.

Shares were placed at 17 euros apiece, 9.3% lower than the 18.74 euros EDP Renovaveis shares closed at on Tuesday.

After this capital increase, EDP will lower its stake in EDP Renovaveis to around 75% from 82.6%.

EDP shares were down 9.29% to 17 euros.

($1 = 0.8281 euros) (Reporting by Sergio Goncalves; editing by Victoria Waldersee and Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. 0.28% 5.056 Real-time Quote.-2.17%
EDP RENOVÁVEIS, S.A. -0.55% 19.87 Real-time Quote.-12.32%
All news about EDP RENOVÁVEIS, S.A.
04/15EDP RENOVÁVEIS, S.A.  : Security operations
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04/13EDP RENOVÁVEIS S A  : EDPR's Shareholders' Meeting approves an increase in the n..
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04/13EDP RENOVÁVEIS S A  : EDPR starts operation of Serracapriola wind farm in Italy
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04/11EDP RENOVÁVEIS S A  : EDPR's Shareholders' Meeting approves an increase in the n..
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04/09EDP RENOVÁVEIS S A  : EDPR announces Asset rotation deal of a 405 MW wind portfo..
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03/30EDP RENOVÁVEIS S A  : Renováveis y Vestas unen fuerzas para incentivar el empleo..
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03/30EDP RENOVÁVEIS S A  : Renováveis and Vestas join forces to boost rural employmen..
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03/23Portugal's tax watchdog investigating EDP's dams sale
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03/22EDP RENOVÁVEIS S A  : EDPR signs a Build & Transfer Agreement for a 200 MWac sol..
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03/21EDP RENOVÁVEIS S A  : Renováveis, S.A. informs about a Build and Transfer Agreem..
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More news
Financials
Sales 2021 1 940 M 2 333 M 2 333 M
Net income 2021 521 M 627 M 627 M
Net Debt 2021 3 657 M 4 397 M 4 397 M
P/E ratio 2021 35,1x
Yield 2021 0,46%
Capitalization 19 202 M 23 001 M 23 088 M
EV / Sales 2021 11,8x
EV / Sales 2022 11,0x
Nbr of Employees 1 719
Free-Float 17,4%
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Technical analysis trends EDP RENOVáVEIS, S.A.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 20,70 €
Last Close Price 19,99 €
Spread / Highest target 37,6%
Spread / Average Target 3,54%
Spread / Lowest Target -37,5%
EPS Revisions
Managers and Directors
NameTitle
Miguel Stilwell de Andrade Chairman & Chief Executive Officer
Rui Manuel Rodrigues Lopes Teixeira Chief Financial Officer & Director
António do Pranto Nogueira Leite Lead Independent Non-Executive Director
Acácio Jaime Liberado Mota Piloto Independent Non-Executive Director
Allan J. Katz Independent Non-Executive Director
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