Polenergia plans EUR-158m rights issue to finance projects in Poland

Polish private energy company Polenergia SA (WSE:PEP) said on Wednesday it plans to raise up to PLN 750 million (USD 168m/EUR 158m) in a rights issue for financing renewable energy projects.

The funds will go for the company's development projects, which include offshore and onshore wind farms, photovoltaic (PV) parks, hydrogen technologies, energy storage and electromobility, Polenergia added.

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More detailed information on the expected proceeds and the number of shares to be placed will be released after the management gets shareholder approval for the capital hike. Polenergia's major shareholders include Poland's Mansa Investments with 43.8% and London-based BIF IV Europe Holdings Limited with 31.9%.

The company has hired Santander Bank Polska as lead manager of the issue and DLA Piper Gizinski Kycia as legal adviser.

Polenergia, the largest private energy group in Poland, is active chiefly in solar and wind with 435 MW of operational onshore farms and 37 MWp of PV parks. It is also developing 3,000 MW of offshore projects jointly with Danish peer Equinor.

(PLN 10 = USD 2.24/EUR 2.11)