Audax Renovables completely settles its corporate debt and continues to promote its growth plans
On April 10 Audax Renovables, the renewable energy subsidiary of the Audax Group, with the support of Banco Santander, S.A., has completely paid off the corporate syndicated loan, signed on January 31, 2012 and subsequently novated on January 31, 2018 by simultaneously settling the loan and signing a new contract for corporate financing with aforementioned company and Banco Popular Español, S.A. for the amount of EUR 3,400,000. The execution of this agreement will allow the company to continue promoting its growth plans.
This settlement, carried out with the legal counselling of Garrigues, is part of a new debt operation, project finance type, of Hinojal Wind Farm project, wholly owned by the Company. In turn, such agreement allows the company to improve the efficiency of its financial structure and the additional release of funds towards Audax Renovables for its future growth projects, besides reducing financial costs considerably.
The agreement will provide a more solid position for the company, which will allow to continue with its growth plans in the different projects in progress. In particular, Audax Renovables plans soon to boost its Toabré project, in Panama, in its first phase for 66 MW, which has an energy sale contract for 15 years with the three distribution Panama companies, which contract was obtained after being awarded of the tender conducted by ETESA in 2013, so that it could become a reality as soon as possible and that it forms part of the operating portfolio of Audax Renovables. The company participates in this project at 30%, being the rest owned by a local company of Panama.
After reaching this agreement and ending the year 2017 with a profit of EUR 7.4 million, Audax Renovables continues with its consolidation and growth plan, confirming the positive trend of the company.
The improvement of competitiveness undertaken by Audax Energía upon taking control in August 2016 bears fruit and strengthens the plans for the future of the Audax Group’s subsidiary generating energy from renewable sources.
About Audax Renovables, S.A.
Audax Renovables, S.A. (formerly Fersa Energías Renovables, S.A) was incorporated in the year 2000 and is mainly involved in generating electricity from 100% renewable sources.
In 2003 the shares of Audax Renovables were admitted to trading on the secondary market of the Barcelona Stock Exchange and in 2007 they were included in the SIBE (integrated stock exchange system) of the Madrid Stock Exchange. Now the shares are traded on the Spanish continuous market at ADX.MC.
In May 2016 Audax Energía, S.A. made a bid to purchase 100% of shares of Audax Renovables. The offer was accepted by the shareholders representing 70.86% of the Audax Renovables’ share capital and consequently Audax Energía, S.A. became the majority shareholder on 12 August 2016.
Today Audax Renovables handles a portfolio of operating plants of 185 MW in Spain, France and Poland, of which 1 MW corresponds to solar energy and the rest to wind farms. Audax Renovables owns a portfolio of operating assets of high technological quality and an average age of 9 years.
For more information, please visit www.audaxrenovables.com