Cleantechinvestor.co.uk, Renewable Energy, Biofuel, Investment - Portuguese renewable giant joins Euronext Lisbon

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Cleantech magazine, a Cleantech Investor publication

Portuguese renewable giant joins Euronext Lisbon

First published in Cleantech magazine, July 2008. Copyright Cleantech Investor, 2008

The IPO by EDP Renováveis SA (EDPR), the renewables subsidiary of Portuguese electricity company Energias de Portugal (EDP), was the largest European IPO this year so far when the shares started trading on the Euronext Lisbon Stock Exchange in June. The shares began trading at a price of €8, in the middle of the €7.4 – €8.9 price range. The company raised €1.6 billion through the IPO, valuing the entire business at €7.2 billion. The share price has subsequently slipped back to below the €7 level. EDP Renováveis plans to use the proceeds from the share offering to increase its installed wind capacity to more than 10.5GW by 2012. With the purchase of Texas based Horizon Wind Energy LLC last year, EDP Renováveis became the fourth largest wind power operator in the world. Its gross installed wind capacity at the end of March this year had reached 3.7GW.