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Audax Renovables completes placement of convertible green bonds worth €125 million

AUDAX RENOVABLES COMPLETES PLACEMENT OF CONVERTIBLE GREEN BONDS WORTH €125 MILLION

The energy group completes the placement of bonds in the international market and receives a demand exceeding supply by 2.4 times

Audax Renovables (ADX.MC), the energy group whose activities involve generation and retail of electricity from 100% renewable sources and gas, has completed the issuance of ordinary unsecured senior green bonds worth €125 million, possibly convertible into ordinary shares.

The operation was met with great interest, particularly among international investors, and received a demand exceeding the supply by 2.4 times, which made it necessary to carry out a significant apportionment. Specifically, the issuance consisted of bonds worth €125 million, with maturity date in November 2025 and an annual interest rate of 2.75%. The bonds are convertible into ordinary shares of Audax Renovables, by the investors and at the company’s discretion, at any time beginning from the third year, as long as the security maintains its trading level established for that purpose.

This first international issuance of green bonds will contribute to reinforce still more the company’s liquidity by means of diversification of its sources of financing. In particular, the funds will be used to finance or refinance eligible green projects according to their definition in the Group’s Reference Regulatory Framework for Green Financing, including the construction of photovoltaic plants of 750 MW of total installed capacity per year over the next 5 years, reinforcing the corporate expansion of the Audax Group in the sector of renewable energy generation.

With this international operation Audax Renovables extends the base of renown international investors, will increase the company’s free float at a level of 30% and will improve the liquidity of the security by making a very significant step on its way to consolidate its market position.

The operation has been directed in a coordinated way by Goldman Sachs International and by BNP Paribas and has had more than 50 international investors who have evaluated positively the fact that Audax Renovables has already achieved the greatest part of the goals presented in May 2019 on the Capital Market Day and which it was expected to achieve at the end of 2022.

About Audax Renovables

The Group is the result of a merger by absorption between Audax Renovables, S.A. and its parent company, Audax Energía, S.A., which gave rise to an energy group whose business involves generating 100% renewable energy as well as supplying 100% renewable electricity and gas.

Founded in the year 2000, in 2003 Audax Renovables became listed on the secondary market of the Barcelona Stock Exchange, and in 2007 its shares were included in the SIBE (integrated stock exchange system) of the Madrid Stock Exchange. 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 a leading utility Group in the SME segment in Spain, Audax Renovables guarantees efficient supply of energy retailed through a process of vertical integration with the renewable energy
generation branch, has a robust financial position and is ready to be at the forefront of the energy transition in the European market.

The Group runs a portfolio of operating wind farms of 91 MW in Spain, France and Poland. Moreover, it has a portfolio of photovoltaic projects of 320 MW in Spain, 15 MW of which will be put into operation in the next weeks, and another 40 MW are currently under construction. Likewise, the Group has a wind project under construction in Panama, of 66 MW.

Audax Renovables operating as a 100% renewable energy and gas supplier is present in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, with over 490 thousand customers.

More information about Audax Renovables is available here: www.audaxrenovables.com

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