EDP Renovaveis has concluded a sale of shares, increasing its capital by EUR 1.5bn with the aim to develop the company.

The sale was conducted by way of a so-called accelerated bookbuilding method. Although the renewable energy company plans to invest the additional funds over the next four years, stockholders were less enthusiastic about the move.

The stock price dropped by 3.1 percent at the Lisbon stock exchange Wednesday morning.

Last month, EDPR presented its annual report for 2020, noting that its profits had increased to EUR 556m from EUR 475m in 2019.

However, the increased profits reflect EDPR’s sell-down strategy, which seeks to diminish the energy company’s stake in certain assets on an ongoing basis.

So far, the sell-downs include the 137-MW Babilonia wind farm, 237 MW in its Spanish portfolio, an 80-percent sell-down of a 563-MW portfolio in the US, including 200 MW expected to be operational by 2021, as well as a 102-MW wind farm in the US.

In the past year, EDPR has increased its total capacity by 1,580 MW, including 486 MW which stemmed from the acquisition of Viesgo’s renewable energy business.

English Edit: Christoffer Østergaard

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