Spanish renewables firm Ecoener has become the latest Spanish renewables company to plan an Initial Public Offering (IPO).
Ecoener said in a statement today (7 April) it hopes to raise up to €200 million (US$237.6 million) in an IPO, and will be listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges.
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The timings for the IPO and admission to the Spanish stock exchanges will be subject to approval from the Spanish Securities Market Commission.
Ecoener has brought online 141MW of installed renewables capacity across 17 projects, around 13% of which are solar PV. It also has 142MW under construction and a development pipeline of 1.5GW across 11 countries. The company said in a statement that any funds raised from the IPO would go towards driving “organic growth” by building out the project pipeline.
Luis de Valdivia, Ecoener’s chairman and founder, said the public listing will give “continuity to the work accomplished to date”, and will reinforce the company’s medium long-term growth strategy.
It is the latest Spanish renewables business to plan a public listing. Solar tracker manufacturer Soltec announced plans for its own IPO last October to raise up to €150 million (US$178.2 million) to capitalise on the solar sector’s accelerated growth in Spain and overseas.
A number of developers have made plans to ramp up their Spanish project portfolios this year. Renewable Power Capital (RPC) launched a joint venture with Benbros Solar to develop and acquire 3.4GW of solar in the country last month, after Sonnedix, Endesa and Iberdrola all announced project pipelines with hundreds of megawatts of capacity.
