The clean energy market is showing good health, unlike most other sectors


Despite the challenging global market conditions, Opdenergy, a Spanish Independent Power Producer (IPP), focused on solar photovoltaic and onshore wind energy production, successfully completed its IPO last July with a high-quality demand.

This is the first company to go public on the Spanish stock market in 2022. Furthermore, it is one of the 16 European companies that succeed with an IPO compared to the 124 that went public last year during the same period. This proves that clean energy is one of the few sectors that is doing well.

Good news for the planet!

Opdenergy has more than 15 years of experience developing, building, financing, managing and operating high quality renewable energy projects in several countries, including Europe, the United States and Latin America. The company has a platform of secured assets with a total capacity of 2.4 GW in the Operation, Under Construction and Pre-Construction phases. In addition, it has a portfolio of projects at different stages of development of more than 10 GW that support its growth strategy. Opdenergy plays an important role in the decarbonization of energy in the different countries in which it operates. 

Even though the extremely difficult market conditions, the full deal size was covered the 2nd day of the book building period, and the deal was priced at €4.75 with very high-quality demand and received broad support from global long-only accounts, sector specialists and ESG focused investors.

With the issue of 42 million new shares, the company has raised 200 million euros, and the shareholders sold close to EUR 5 million during the stabilization period. The IPO was backed by a cornerstone investor, who is a well-known Spanish family office (Mayoral family) committing to a 6% post-money stake since the very beginning of the process.

Societe Generale acted as Joint Global Coordinator and Joint Bookrunner of this deal. With this landmark transaction the Bank has participated in 4 of the 5 renewable IPOs (3 as Joint Global Coordinator and 1 as Joint Bookrunner) that have come to market in Spain since 2018, proving its solid track record in the renewable sector and its ability to successfully price transactions under very adverse market conditions.

The IPO is a big step that will allow us to reach the execution of our business plan until 2025, becoming a larger company and one of the leading independent power producers. We managed to be one of the few companies in Europe that become public this year in this challenging environment thanks to the experience of banks as Société Générale and we are very proud of the quality of the investors that have trusted Opdenergy; now, we are very focused on delivering of our medium-term objectives and strategy promoting a sustainable development.
Luis Cid,CEO of Opdenergy
We are very proud to have accompanied Opdenergy in their successful IPO. This transaction will even further strengthen its leadership in the renewable energy sector through the execution of their business plan. Their commitment with the decarbonization of energy is a key milestone we are fully aligned and committed with.
Ricardo Samaniego,Managing Director at Societe Generale in Madrid