Audax amortizes more than 100 million euros of its debt

Audax Renovables (Audax) has proceeded during the last week of July to reduce more than 100 million euros of its debt. Part of the funds necessary for this purpose have been obtained through the transmission of two renewable energy generation facilities with a total installed capacity of 58.6 MW. Likewise, the company has redeemed the first bond issued in 2014 for 21 million euros. These actions are part of the group's debt reduction objective and in line with the asset rotation strategy undertaken by the company, objectives presented by the Company at its Investor Day last May.

In this first phase, the Mudéfer wind farm, located in Tarragona, with an installed capacity of 57.6 MW, has been transferred, as well as the photovoltaic park located in Castellón, with an installed capacity of 1.0 MW. 

At the same time, the group is advancing in the development of different photovoltaic projects recently acquired for 320 MW, of which 59 MW are in a very advanced phase to begin construction. To this end, Audax has a framework agreement with Banc Sabadell for their financing through the project finance modality.

This same week, Audax has proceeded to amortize 21 million euros corresponding to the first bond issued by the company in 2014. The group's objective is to significantly reduce its debt to place its net financial debt/Ebitda ratio at 1.5x end of 2022.

The upward evolution of its business, both in Spain and internationally, the high cash generation, the increase in margins, as well as the aforementioned asset rotation are the levers on which the Group supports its good results. The margin increase has been possible thanks to long-term PPA power purchase agreements at more competitive prices than those in the market and the generation of renewable energy at its facilities. During the first quarter of 2019, Audax Renovables has managed to increase its turnover by 54% and has doubled its EBITDA compared to the same period of the previous year, a trend that is expected to continue throughout the year.

The Group, in this new stage of growth, continues with its roadmap in terms of achieving the objectives for 2022 of increasing the customer base from 305,000 to 500,000 and a total energy supply of 15 TWh. In addition, it plans to exceed 1,500 million euros in revenue, triple its current EBITDA and reduce its financial leverage, all with the aim of optimizing the group's resources, in order to create value for its shareholders.