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Ignitis to list in Lithuania and London
Posted on Friday, 11 September 2020 13:16
Ignitis grupe of Lithuania is aiming to list at home and abroad to obtain investment to support aims to achieve decarbonisation targets for the Baltic region over the coming decades.
The utility and renewable energy group has hired JPMorgan Securities, Morgan Stanley, Swedbank and UBS Europe as joint coordinators and BofA Securities as bookrunner.
It is hoping to obtain admission to the main trading list of Nasdaq Vilnius and a quotation for its global depository receipts to the London Stock Exchange in October.
Lithuania expects to remain as controlling shareholder of Ignitis, with at least a 66.7 per cent stake.
Proceeds will facilitate growth through investment in the company’s networks segment, that is, cabling and smart meters, and be used for general corporate purposes.
Money raised will also support Ignitis’ green generation division, which currently accounts for 17.0 per cent of adjusted earnings before interest, tax, depreciation and amortisation in 2019.
A quotation on the two markets will deepen and improve liquidity and attract fresh capital for the company that claims to be one of the largest utilities and renewable energy groups in the Baltics.
In 2019, Ignitis generated 98.0 per cent of its power from renewables, with no coal or nuclear generation facilities in its portfolio.
The business aims to be net carbon dioxide neutral by 2050, and said it “plays a critical role in the region's energy security and decarbonisation goals, accounting for 57.0 per cent of total green energy installed capacity in Lithuania”.
Ignitis has close to a 100.0 per cent market share in distribution networks, and the largest installed electricity capacity of any energy group in the country.
The group wants to reach 1.60 to 1.80 gigawatts (GW) of connected green generation volume by 2023 and 4.00 GW by 2030.
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