Credit: REUTERS/Dado RuvicBy Isla Binnie
MADRID, April 22 (Reuters) - Spanish renewable energy firm Opdenergy is finalising plans to launch a share sale worth up to 412 million euros ($494.7 million) as it seeks to tap into investor demand for green assets, two sources familiar with the matter told Reuters on Thursday.
Opdenergy needs cash to expand its pipeline of photovoltaic plants and wind farms.
It wants to raise 375 million euros from a listing in Madrid, with a so-called greenshoe extension option which could take the overall deal size to just over 412 million euros, the sources said, speaking on condition of anonymity.
Opdenergy declined to comment.
After conducting initial conversations with potential investors, Opdenergy is set to decide on a price range for individual shares on Friday, the people said.
Once company shareholders give their final approval, it would then start taking orders on April 26.
Opdenergy, led by boss Luis Cid, said earlier in April it wants to raise 400 million euros by listing its shares on the Spanish market, which is girding itself for several initial public offerings in the sector.
Citi C.N and Santander SAN.MC are coordinating the deal, while Alantra ALNTA.MC, Bank of America BAC.N, Berenberg and RBC Capital Markets are bookrunners.
Rothschild & Co ROTH.PA and Evercore EVR.N are also advising the company.
Opdenergy is working on projects in Spain, Italy, Britain, France, Poland, the United States, Chile and Mexico. It said on Wednesday it had mandated BBVA to arrange and underwrite around 500 million euros in financing. https://bit.ly/3syovpl
($1 = 0.8328 euros)
(Reporting by Isla Binnie, editing by Pamela Barbaglia, Kirsten Donovan)
((isla.binnie@thomsonreuters.com; +39 06 8522 4392; Reuters Messaging: isla.binnie.thomsonreuters.com@reuters.net))
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