EDPR informs about its intention to pursue equity raise of c.€1.0 billion
Madrid, March 2nd 2023: EDP Renováveis S.A. (“EDPR”) is today disclosing its Business Plan 2023-2026 to the market in the Capital Markets Day, in which it announces that it intends to invest ~€20 billion to deploy ~17 GW of renewables additions until 2026.
To partially finance the updated investment plan, EDPR intends to raise equity, through the increase of share capital. The launch and completion of this transaction will be subject to corporate approvals and favourable market conditions being met.
EDPR entered into an investment agreement (“IA”) on March 1st, 2023 with Lisson Grove Investment Pte. Ltd., an affiliate of GIC Pte Ltd (“GIC”), pursuant to which the latter committed to subscribe ~€1.0 billion, subject to the terms of the IA, market conditions and to a standard lock-up period of 90 days, at a price between €19.25 and €20.50 to be finally determined when the equity raise is launched. Under the IA, out of the ~€1.0 billion to be subscribed by GIC, EDPR has the option to reallocate up to ~€0.15 billion which EDPR may offer to a selected number of institutional investors at the same price agreed with GIC.
The commitment by GIC to subscribe shares in EDPR shall be subject to the decision of EDPR to launch the transaction at an appropriate time vis-à-vis market conditions.
EDP Renováveis, S.A.
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This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. This announcement does not purport to identify or suggest the risks (direct or indirect) which may be associated with an investment in the company or its securities.
The Joint Global Coordinators are not responsible, and expressly disclaim any liability, for the information included herein. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. In connection with the Capital Increase, the Joint Global Coordinators or any of their respective affiliates may take up a portion of the Capital Increase shares as a principal position and in that capacity may retain, purchase, sell or offer to sell for its own account such shares and other securities of the company or related investments in connection with the Capital Increase or otherwise. Accordingly, references to such shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by the Joint Global Coordinators and any of its respective affiliates acting as investors for their own accounts. The Joint Global Coordinators does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
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