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Polish wind, solar builder Onde raises EUR 97 mln in IPO

Green Energy

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Polish wind and solar contractor Onde listed on the Warsaw Stock Exchange on Monday after completing an initial public offering (IPO) and raising PLN 444.5 million (EUR 96.7 million), reported energy portal Renewables Now.

Onde, a renewables-focused unit of Polish construction group Erbud SA, sold a combination of new and existing stock at the maximum offering price of PLN 26 (EUR 5.68) apiece. This valued the company at PLN 1.43 billion (EUR 312.4 million).

Onde will build the plants and then sell them to investors. So far, the company has been involved in wind and solar projects with a combined capacity of nearly 3 GW (gigawatt). In 2020, Onde generated PLN 586.3 million in revenues, up by 54% year-on-year, and recorded a 116% surge in earnings before interest, tax, depreciation and amortization (EBITDA) to PLN 46.2 million. 

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