Spanish solar power specialist ID Energy Group SA said that it will welcome new investors into the shareholding via a EUR-19-million (USD 20.9m) capital increase, seeking to fund its growth plans and gain ground as a global renewable energy producer.
Pangram Capital, a venture capital firm managed by Spain-based Quadriga Asset Managers SGIIC, and Portugal’s Growth Partners Capital, will invest the amount in several phases, acquiring a 10% stake in ID Energy Group’s share capital.
The investment gives ID Energy Group a current valuation of EUR 190 million and positions it for a future listing on the stock market, the company said.
ID Energy Group is active as a solar power installer in Spain, Italy, Hungary, Lithuania, Poland, Croatia and Serbia. It says it has a more than 5.1 GW of projects in the international pipeline, with 1.5 GW in advanced stages of development, and a track record of more than 500 MW built for third parties under EPC arrangements.
In Spain, the group is developing 800 MW of solar, 600 MW of wind and 20 biomethane projects.
ID Energy Group’s main goals are to strengthen the pipeline in Spain, Italy and Eastern Europe and enter new markets such as Latin America and the United States over the course of 2023.
(EUR 1.0 = USD 1.103)
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