The renewable energy company Zephyros completes an offering on the stock market and raises about NIS 145 million. Zephiros owns the largest wind farm in Poland and is in the stages of establishing, initiating and planning projects in Poland with a total volume of about 620 megawatts. The company expects revenues totaling NIS 360 million in 2024.
“The raising during such a turbulent period in the markets is an expression of confidence of the existing and new investors in the company and the business potential inherent in it in the years to come,” says Yaron Kestenbaum, managing partner of the 57 fund, “with profitable projects with a strong and stable flow, additional assets in various stages of development and the cash in the coffers, The company is in an excellent starting position to become a leading player in the renewable energy market, when it will benefit from the capabilities and experience it has gained in recent years to achieve a share of the goal set by the Polish government to double the production capacity of renewable energy facilities by 2040.”
The company, which operates mainly in Poland, is issuing investors about 15% of its shares, at a value of about NIS 1 billion after money. The offering was led by the underwriting companies Leader, IBI, Menorah Hitom and National Partners. The CEO of Zafiros is Eran Sa’ar and the chairman of the company is Yaakov Adri. Keren 57 is the controlling owner of the company with a holding of 63% of the company’s shares.
Zafiros has developed a series of projects in Poland, led by the Potegowo project, which is the largest wind project in Poland and includes 8 wind farms in a number of sites spread over about 100 km in northwestern Poland not far from the Baltic Sea. In the project, whose production capacity currently stands at about -257 megawatts (including 98 wind turbines), about 340 million euros have been invested so far and it started operating in 2020.
60% of the project’s output until the year 2037 will be sold at a fixed price of about 250 zlotys per megawatt, linked to the index, in accordance with the tenders won by the project and in addition 37% of the production until the year 2026 will be sold at an average price of about 315 zlotys per megawatt in accordance with the PPA agreements.
In addition to the 8 active wind farms with a capacity of 257 megawatts, the Zephyros property portfolio includes a solar project of 55 megawatts in advanced development and 3 solar and wind projects of approximately 310 megawatts in initiation.
Zafiros anticipates that the scope of its revenues will increase from approximately 251 million NIS in 2022 to approximately 360 million NIS in 2024, its projected EBITDA will increase from approximately 70 million NIS in 2022 to approximately 175 million NIS in 2024 and the projected FFO will increase from approximately 35 million NIS in 2022 to approximately NIS 130 million in 2024
Comments to the article(0):
Your response has been received and will be published subject to the system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment