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Alteo raises HUF 2 bln in private placement

Listed alternative energy company Alteo said on Monday it has raised HUF 2.0 billion through the issue of new shares subscribed in a private placement, state news wire MTI reported.

The 2,985,074 shares were issued at a price of HUF 670 per share.

When it announced plans for the private placement two weeks earlier, Alteo said it sees several attractive renewable energy projects on the domestic market which could require more funding. The total investment required for projects in the investment pipeline is between HUF 7 bln and HUF 10 bln, the company added.

Alteo was founded in 2008 "to harness the possibilities of the energy revolution and to capitalize on changes facing both the renewable and traditional energy sector," according to a description on the website of the Budapest Stock Exchange (BÉT), where the company is listed in the Equities Prime section. Alteo focuses mainly on the corporate sector that is less affected by regulatory risks, it adds.