Leading infrastructure group Ellaktor plans to inject a further 20.5 million euros to its renewable energy portfolio through an anticipated 120.5 million-euro equity capital increase.
Ellaktor’s new administration is placing emphasis on the group’s financial rebound in the RES sector, chief executive Aris Xenofos (photo) told analysts during a virtual-conference presentation.
The 20.5 million-euro sum planned to be injected into the group’s RES portfolio will be used to accelerate a growth plan through wind farm acquisitions and investments in solar energy.
At present, Ellaktor possesses just one small solar farm in operation, a 2-MW facility in the central Peloponnese’s Arcadia region.
Ellaktor is Greece’s second biggest RES energy producer with a total installed capacity of 491 MW offered by 24 wind energy farms, a small-scale hydropower unit, and the aforementioned Arcadia PV facility.
The company, aiming to increase its total installed capacity to 579 MW by 2022, is currently developing a new 88.2-MW wind energy facility.
Ellaktor, according to the administration’s presentation to analysts, is also moving ahead with a one billion-euro agreement reached with Portugal’s EDPR for joint development of wind farms totaling 900 MW.
The Ellaktor group’s RES portfolio revenue rose to represent 9 percent of total turnover in the nine-month period of 2020, from 3 percent in 2018.
The listed group’s planned 120.5 million-euro equity capital increase will need to be approved at a general shareholders’ meeting scheduled for April 2. Responding to questions by analysts, Xenofos, the chief executive, noted he is confident shareholders will support the plan.
The group intends to use 100 million euros of the 120.5 million-euro equity capital increase to cover liquidity needs at its Aktor subsidiary, including 45 million euros for the company’s loss-incurring PV activity in Australia and 55 million euros to cover supplier costs.