EiDF (Energy, Innovation and Photovoltaic Development) has approved a capital increase worth almost 40 million euros from convertible loans with which the company no longer includes 50 million euros of the group’s debt on its balance sheet, the energy company reported this Saturday in a statement to BME Growth.
This increase is the result of the conversion into shares of the participating loans subscribed by the energy company during the last two years. Following the Extraordinary Shareholders’ Meeting, the company has increased its share capital by more than 1.74 million euros, divided into nearly 70 million shares, after the creation of more than 10 million shares at a nominal value of 0.025 euros each.
“This capital increase is a great boost to achieve all our objectives,” said EiDF CEO Joan Gelonch.
Business plan 2024-2028
The decision comes at a time when the energy company’s new business plan valid until 2028 plans to multiply income by almost four in the next five years, reaching almost 804 million euros, compared to 208.4 million in 2023, and skyrocket its adjusted gross operating result (Ebitda) in this period to 233.9 million euros.
According to the plan, EiDF estimates that its revenue will fall to €133.4 million this year, compared to €208.4 million in 2023, due to lower energy costs and cheaper solar panels.
Likewise, the roadmap includes how the group’s liabilities will evolve between now and 2028. Based on an estimate of a debt of 69.4 million euros, EiDF expects this indicator to climb to 398.3 million euros in 2027 by decrease in 2028 to 289 million euros.
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