Greening, a renewable energy company from Granada, has registered its first green bond issuance program in the MARF, BME’s Alternative Fixed Income Market, with a limit of 30 million euros over five years. The group, which updated its strategic plan last year in the face of faster-than-expected growth, especially in the international arena (where it has 80% of the business, with a lot of focus on the United States), thus diversifies its financing.
With the issue the group will have access to financing for terms of up to five years, which will allow it to “minimize and optimize costs of your financing sourcesas well as continue advancing in your business plan 2024-2026 where the company set objectives of 800 MW in operation by the end of 2026″, as explained by Greening in a note.
This issue has a rating BBB- (Investment Grade) awarded by Ethifinance. The rating firm also updated the company’s corporate rating this December, maintaining its “BB” rating with a stable outlook. The issue rating is two levels above the corporate rating due to the provision of guarantees from a portfolio of renewable energy projects and an adequate financial commitment structure at different levels.
To carry out this issue, Greening has had Rent 4 Bankas registered advisor of the program, placement entity and paying agent. The Montero Aramburu & Gómez-Villares Atencia firm has also advised on the operation.
Strategic plan
According to the forecast update carried out last May in the 2024-2026 strategic plan, Greening estimates reaching the 430 million euros of income and raise its EBITDA figure to 70 million in 2026. The company announces its new strategy asset turnoverwith a goal of rotating up to 450 MW between 2024 and 2026 in parks in operation or in the final phase of construction. Due to the better evolution of the generation portfolio compared to the initial forecast and the new multi-technology strategy, the company expects to achieve 800MW of own generation in 2026, compared to the 500MW of the initial objective of 2025. According to the new business plan, the Greening Group marketer hopes to reach up to 700 GWh of energy per year in 2026.
At the end of 2023, the company multiplied its consolidated EBITDA by three to 10.2 million euros, and by 2.5 times the figure of consolidated income, up to 100.6 millionexceeding the forecasts of its business plan. In that year, the company exceeded the forecast of reaching 90 MW of its portfolio of generation projects to obtain a much higher figure of 174 MW
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