Jose Antonio Barrena
Norgestion
GRENERGY RENOVABLES
Deal Type
IPO
Sector
Energy & Sustainability
Completion Date
8th July 2015
Deal Value
€3.8m
Company Background
Grenergy Renovables is a project developer and an Independent Power Producer (“IPP”) that generates renewable energy mainly through solar photovoltaic plants. Since its foundation in 2007, they have developed and executed various projects in Spain and Chile that amount to over 100MW, of which they currently own and operate 4MW in two plants and carry out maintenance of another 20MW.
Grenergy established its international presence in Latin America in 2012, and has offices in Mexico, Chile, Colombia and Peru. They have projects of close to 1.000MW in development, both in photovoltaic and in wind energy plants, and have already started construction of their first parks in Chile.
Deal Summary
Grenergy has been listed on the "Mercado Alternativo Bursátil" (Spanish stock market for small companies) by raising €3.8 million through a capital increase. This capital increase has been completely subscribed by Spanish institutional investors. The new resources will be employed by the company to develop and enhance its project pipeline in Latinamerica. At the date of the transaction the implied market capitalization of Grenergy was €32 million.
Value Added
We worked closely with the management and the owner of the company in preparing Grenergy for the transition from a family owned company to a listed company. We helped them in the definition of the business plan, prepared the IPO prospectus, assisted in the preparation of the road show presentations and coordinated all the other advisors involved in the transaction (legal, fiscal, book runners, etc).
