DENMARK: Nordic Solar mandates adviser, launches EUR 200m equity raise

Nordic Solar is understood to be working with FIH Partners on an equity raise process through which it will aim to secure at least EUR 200m in fresh capital from investors.

The Danish IPP is believed to have launched the transaction earlier in May, with the structured process set to run over the remainder of 2024.

The deal could ultimately involve the company welcoming a new majority investor, although that will likely require a larger total investment as well as the willingness of Nordic Solar’s more than 700 long-term shareholders to sell out of the business.

Nordic Solar will use proceeds from the deal to finance its current pipeline, which stands at 1.5GW of development-stage assets and a further circa 350MW of capacity currently under construction.

The group’s management confirmed in a Q1 2024 interim financial report published earlier in May that it would pursue the equity raise in the private markets rather than via a stock exchange IPO due to current market conditions.

*This story was originally published exclusively for NPM Europe subscribers.

NPM Europe is a leading data, intelligence and events company covering the European renewable energy market for the development, financing, M&A and corporate community.