Behind the scenes, the EiDF leadership is trying to deal with the uncertainty that has followed them since the National Securities Market Commission (CNMV) last Friday. “keep privileged information” with obvious normality. Three days later, and with no official announcement yet, the website of the Spanish leader in photovoltaic self-consumption published the signature of the new legal director. His name is Chema Covelo, a Business-Economic Law graduate from the University of Vigo and a business and financial specialist working in the legal departments of KPMG and PwC consulting firms. a person responsible for reviewing EiDF accounts as well as working as an independent professional. “Obviously, two things caught my attention. On the one hand, the possibility of in-depth recognition of a professional sector such as renewable energy, which I believe is controversial; and on the other hand, the opportunity to join a company that has grown to the point of becoming a company in recent years. reference point in the industry”, answers his reasons for joining the company led by Fernando Romero in a small corporate interview.
Yes, EiDF’s dizzying growth since its IPO on July 7, 2021 has garnered applause from investors, who made it the best-performing stock on the Spanish stock market last year. It went over 200% until it passed. €1.7 billion capitalization
Barro’s band has already launched a proposal, as listed in its premiere. BME Growth, a place designed for midsize companies with ambitious growth plans, because at that time the shadow of suspicion surrounded renewable companies. Management quickly clarified that EiDF is not a traditional energy company, but a vertically integrated company that offers its customers a complete energy efficiency and savings service: “a global operator in the energy market with a strategic focus on self-consumption” .
You accumulate in self-consumption, which is the root of your business. 3,400 jobs and 450 megawatts (MW). It is also a construction company and is tasked with operating its own solar parks to power customers where it installs panels, with 172 MW under construction and 2,600 MW in pipeline. Following the acquisition of several distributors, EiDF jumped into electricity sales, where it has 25,000 users. Between January and September 2022, revenue exceeded €315 million, up 932% year-on-year and EBITDA increased by 560%It reached 46.86 million and far exceeded the targets set in the business plan, which was revised upwards with the photovoltaic boom to avoid skyrocketing electricity prices.
As far as FARO is able to learn, behind closed doors these are busy days with constant meetings where this public statement will emerge as to why the EiDF did not formulate last year’s closing accounts on time. The term ended on March 31. How long can the suspension last? CNMV confirmed yesterday to FARO from the group Prensa Ibérica: There is no time limit. Companies are keeping quiet, though their estimates were to provide details late yesterday – it didn’t – or earlier today. Everything points to differences with PwC refusing to sign accounts.
The new EiDF controller hit the scene very recently. At the shareholders’ meeting held on December 27, it was decided to continue the Permanent Market transition procedures planned to be held in the first half of this year, among the topics discussed. will receive capital increase Between 100 and 180 million euros – “We have permanent, well-planned stocks,” Romero said in an interview with FARO, where he firmly advocated the ability to stock plates despite huge global demand. We’ve never had a supply problem, and never will be,” he said, and his ability to continue to grow.
One of its competitors also debuted on BME Growth, up 29%
BME Growth woke up yesterday with a new ingredient. about pomegranate syrup Greening Group, Like EiDF, it specializes in industrial photovoltaic self-consumption plants and with a presence along the value chain: installation, power generation and sales. Greening Group debuted this Monday at a price of 4.92 euros per share, making the company worth a total of 143 million euros. The company achieved a revaluation of up to 29% in the first trading session and the shares are currently trading at 6.35 euros per share. Shares of the group remained at auction for nearly the entire session due to the large number of buy orders that made it difficult to match their prices with demand. At the close of the session, the company’s value was over 180 million Euros.
Under the direction of Ignacio Salcedo, the executives and CEO of the group specializing in self-consumption, they rang the traditional bell at the headquarters of the Madrid Stock Exchange. The company is headquartered in Granada and Established in 2011 and Spain develops its activities in Europe (Germany, France and Italy), the United States, Mexico, and Morocco.
10% of Banco Sabadell China RenewableWith the leap to BME Growth, the group aims to raise up to 23 million euros to fund its business plan. Funds raised in the IPO will be used to finance the strategic plan and accelerate the growth of the company.