The European Bank for Reconstruction and Development (EBRD) has bought 11% of the shares offered at the Bucharest Stock Exchange (BVB) initial public offering of Premier Energy (BVB: PE) following an investment of RON 77 million (EUR 15.5 million), it said. The EBRD investment is expected to represent just over 3% of the company post-IPO.
The EBRD announcement comes after NN Group, through its pension funds NN Optim and NN Activ and compulsory private pension fund NN Pensii, notified an indirect aggregate holding of 5.92% in Premier Energy. The NN funds paid RON 144 million (EUR 29 mln) for their stake.
Proceeds from the EBRD’s participation in the IPO will be allocated towards building new renewable energy capacity primarily in Romania, and the project pipeline is estimated to result in more than 168,000 tonnes annual carbon dioxide emissions reductions.
The EBRD participation anchored the issuance and attracted other investors. The bank will support the company in taking climate action, moving along a low carbon transition pathway, and making corporate governance improvements, it announced.
“We are excited to partner with Premier Energy and support its renewables growth journey. Premier Energy’s green energy transition strategy aligns perfectly with the EBRD’s priorities in the region,” Grzegorz Zielinski, Director, Energy Europe at the EBRD, said.
“We are pleased to welcome the EBRD as a shareholder in Premier Energy. This investment further strengthens our long-standing collaboration and underscores the importance of our shared commitment to renewable energy and sustainability in both Moldova and Romania. With the EBRD’s investment, we are well-positioned to expand our renewable energy capacity and drive significant reductions in carbon emissions. This partnership reflects our dedication to achieving long-term growth and making a positive environmental impact,” Jose Garza, Premier Energy CEO, said.
“The participation of the EBRD in our IPO was important for its success, and we thank them for their trust. Their investment and support will enable us to accelerate our renewable energy generation projects within our vertically integrated platform which includes market-leading renewable energy forecasting, balancing and dispatching capabilities alongside serving approximately 2.4 million customers, in both Moldova and Romania, significantly contributing to a sustainable energy future and reducing the carbon footprint in the region,” Petr Stohr, Premier Energy CFO, explained.
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