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Audax Renovables issues bonds worth €65 million

AUDAX RENOVABLES ISSUES BONDS WORTH €65 MILLION AND RECEIVES EXCESS DEMAND OF 130%

The company highly values the guarantee received from the ICO and the encouragement from the MARF

Audax Renovables (ADX.MC), the energy group whose activities involve generation and retail of 100% renewable electricity, has issued bonds worth €65 million and received a demand for €84 million, which made it necessary to carry out a significant apportionment.

The Audax Renovables bond programme has been allocated a limit of €200 million, of which 65% has been dispensed – a percentage considered by the company as optimal for the attainment of its future goals. This issue has maturity terms of up to 24 months, has received excess demand in all its tranches and has been carried out at a cost of 0.8%.

This operation has received the ICO (Official Credit Institute) guarantee, which is regarded by Audax Renovables as a very beneficial support and as a cornerstone for the success of the whole programme. Furthermore, the company underlines the effective collaboration and flexibility, with which the MARF (Alternative Fixed-Income Market) assisted the progress of he operation. Owing greatly to the close cooperation between Audax Renovables, the ICO and the MARF, the bond issue was met with an excellent reception from the market.

Audax Renovables confirms that this bond issue will contribute towards reinforcing the company’s liquidity by increasing its ability to cover all its cash obligations until June 2021 without the need to carry out new issues. This way the company will be able to maintain its high additional cash position for future investments in 100% renewable energy generation and will be ready to seize new market opportunities.

Recently Audax Renovables has carried out several important transactions in the area of renewable energy generation (such as the first issue of green bonds for the immediate construction of 8 photovoltaic power stations in Toledo and Guadalajara) as well as in terms of its internationalisation by entering the Hungarian market (through the acquisition of the company E.ON Energiakereskedelmi Kft.) and by purchasing the Portuguese supplier PH Simples and consequently ranking 6th on the Portuguese electricity market, being only outperformed by the traditional large energy groups.

Audax Renovables maintains its excellent business performance both in generation and in retail of 100% renewable electricity, and its half-yearly results for the first half of 2020 will be published shortly.

At a global level, the Audax Group continues following its road map for achieving the 2022 targets, which include increasing the client portfolio to 500,000 and supplying a total volume of 15 TWh of energy. Moreover, it expects to reach an income of above €1.5 billion, and EBIDTA of over €100 million and to reduce its financial leverage. All this in order to boost the Group’s growth, optimise its 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 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

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