AUDAX PAY OFF MORE THAN €100 MILLION EUROS OF ITS DEBT
Audax has started the first phase of its announced asset turnover strategy and has amortized the first bond issued in 2014 for 21 million euros
Audax Renovables (Audax) has proceeded during the last week of July to reduce more than 100 million euros of its debt. Part of the funds required for this purpose have been obtained through the transmission of two renewable energy generation facilities with a total installed capacity of 58.6 MW. Likewise, the company has amortized the first bond issued in 2014 for 21 million euros. These actions are framed within the Group’s debt reduction objective and in line with the asset rotation strategy undertaken by the company, objectives presented by the Company on its Investor Day last May.
In this first phase has been transmitted both the Mudéfer wind farm, located in Tarragona, with an installed capacity of 57.6 MW, as well as the photovoltaic plant located in Castellón, with an installed capacity of 1.0 MW.
At the same time, the Group is making progress in the development of different photovoltaic projects recently acquired for 320 MW, of which 59 MW are in a very advanced stage to begin construction. To this end, Audax has a framework agreement with Banc Sabadell to finance them through the project finance modality.
This very week, Audax has proceeded to amortize 21 million euros corresponding to the first bond issued by the company in 2014. The objective of the group is to significantly reduce its debt to place its net financial debt / Ebitda ratio at 1.5x at end of 2022.
The upward evolution of its business, both in Spain and internationally, the high cash generation, the increase in margins, as well as the aforementioned rotation of assets are the levers on which the Group supports its good results. The margin increase has been possible thanks to PPA agreements for long-term energy purchases at more competitive prices than those on the market and the generation of renewable energy from its facilities. During the first quarter of 2019, Audax Renovables has managed to increase its turnover by 54% and doubled its EBITDA compared to the same period of the previous year, a trend that is expected to continue throughout the year.
The Group, in this new stage of growth, continues with its road map in terms of achieving the 2022 objectives of increasing the client base from 305,000 to 500,000 and a total energy supply of 15 TWh. In addition, it expects to exceed 1.5 billion euros in revenues, triple the current EBITDA and reduce its financial leverage, all with the aim of optimizing the Group’s resources, in order to create value for its shareholders.
About Audax Renovables:
Audax Renovables is the result of the merger between Audax Renovables and its parent company, Audax Energía, which gave rise to an energy group, whose activities are focused on electricity and gas supplying as well as on the production of 100% renewable energy. Audax is present in Spain, Portugal, Italy, Germany, Poland, Holland, France and Panama with more than 500 employees.