AUDAX RENOVABLES ENTERS THE HUNGARIAN MARKET
The Company purchases 100% of E.ON Energiakereskedelmi Kft., a company with an approximately 25% share in the retail supply of electricity to Hungarian competitive SME, large industrial clients and municipalities.
Audax Renovables (ADX.MC), the energy group whose activities involve retail and production of 100% renewable electricity, has signed a contract to purchase 100% of E.ON Energiakereskedelmi Kft.’s share capital, a Hungarian commercial electricity retailer. The seller of the shares is E.ON Hungária Zrt., a subsidiary of the German E.ON SE, a company listed among others on the Frankfurt Stock Exchange.
Audax Renovables expects to have a share of approximately 25% in the retail supply of electricity to Hungarian competitive SME, large industrial clients and municipalities, increasing its client portfolio by around 80,000 clients. This will also increase its supplied energy volume by an additional amount of up to 6TWh/year. Audax Renovables therefore becomes one of the most important players in Hungary for supply to these clients, which constitutes a significant progress in the Group’s geographical diversification.
The transaction is subject to certain conditions precedent, and has yet to obtain the necessary approval from appropriate European and Hungarian regulatory bodies. It is expected to be completed between the third and the fourth quarter of the current year.
The Audax Group continues following its road map for achieving the 2022 targets, which include increasing the client portfolio from 305,000 to 500,000 and supplying a total volume of 15 TWh of energy. Moreover, the Group expects to reach an income of EUR 1.5 billion, an EBITDA of over EUR 100 million and to reduce its financial leverage, all this in order to optimise the Group’s resources and create value for the shareholders.
About Audax Renovables
Audax Renovables is the result of a merger between Audax Renovables itself and its parent company, Audax Energía, which gave rise to an energy group whose business is centred on supplying electricity (100 % renewable) and gas as well as on the production of 100% renewable energy.
Currently, it is listed on the Spanish Continuous Market under the ticker ADX.MC, and has been incorporated to the IBEX SMALL CAP® index since 23 March 2020.
As an energy Group with a leading position in the SME segment in Spain, Audax Renovables guarantees efficient supply of energy retailed through a process of vertical integration with the renewable energy production branch, with a robust financial position and ready to lead the energy transition on the European market.
The Group operates through two different business activities: retail and production. Its division of electricity and gas retail is present in Spain, Portugal, Italy, Germany, Poland and the Netherlands, with over 365 thousand clients.
On the other hand, the generation division manages a total portfolio of operating wind farms of 91 MW in Spain, France and Poland. Additionally, it has a portfolio of photovoltaic projects under development of 320 MW in Spain, as well as a wind project under construction of 66 MW in Panama.
More information about Audax Renovables is available here: www.audaxrenovables.com