Audax Renovables changes size and incorporates nearly 2,000 MW of photovoltaics

The Group advances on its roadmap to become a benchmark in the generation of renewable energy and promotes its total portfolio of projects to reach 2,498 MW

Audax Renovables (ADX.MC), the energy group that integrates the generation and marketing of renewable 100% electricity and gas, adds a historic milestone in its strategy, focusing all its efforts and resources on the generation activity, to which it incorporates 1,942 MWp of photovoltaics to its renewable energy generation portfolio. 

The Group has reached a purchase agreement to incorporate a set of projects totaling up to 1,942 MWp into its generation portfolio, which will be developed and commissioned over the coming months. It should be noted that the ownership of the projects will be incorporated into the perimeter of Audax Renovables in the coming weeks, with those megawatts committed exclusively. 

With this agreement, the Group makes a 360-degree turn in its strategy, assuming a very relevant change of dimension in its future structure, in terms of income and commitment to sustainability and the environment, taking a giant step and focusing its efforts more than ever in the renewable energy generation activity.

The exclusive purchase agreement for the aforementioned 1,942 MWp has been reached with the Excelsior Times Group, owned by José Elías. As a related operation, it has had the mandatory approvals of all the governing bodies of Audax Renovables, who have relied on a fair opinion and assessment of the projects, carried out by Ernst & Young Spain as an independent expert, and which, depending on the degree of progress of each of these projects, values it as a whole at 102 million euros. The payment method for this transaction has been established in cash or by offsetting credits that Audax Renovables has in its favor with the Excelsior Group.

With this operation, Audax Renovables has one of the highest quality pipelines in the sector, by locating its projects in those areas with the best resources in the technologies in which it is present, terrestrial wind and photovoltaic. This fact is of great relevance, given that both technologies and their locations will mean an increase in the Group's billing and EBITDA levels. 

The geographical distribution of the acquired projects locates their location in Spain, Italy and Portugal, strategic markets of the Group in which the marketing activity of different companies of the Group is already located, which has extensive experience in their respective markets and which will serve to continue providing green energy to all its customers. All of the incorporated projects are located in unbeatable locations with high solar radiation. 

Specifically, the following are incorporated into the portfolio (see annex):
- 1,140 MWp in Spain, with projects that already have grid connection points and availability of land, in addition to the admission for processing of the Prior Administrative Authorization according to RD 23/2020; 
- 601 MWp in Portugal, part of which, specifically 204 MWp, come from projects with connection to the grid according to the auction held last August; and, 
- 201 MWp in Italy, with availability of land and connection practically in its entirety. 

The energy produced in the future by these photovoltaic projects will be the subject of power purchase agreements (Power Purchase Agreement or PPA) in the marketing division of Audax Renovables itself. In this way, the projects are assured of their remuneration for the sale of energy, which will mean that Audax Renovables will not participate in the upcoming auctions called in Spain in this month of January to achieve this remuneration.

As José Elías, president of the Board of Directors, recently stated, “the Group is focusing all its efforts on the change in strategy that we have been following in recent months, to become a fully integrated company whose core business is the generation activity. of 100% renewable energy, which will allow us to market said green energy to our customers.”

In the recent issuance of Green Bonds reported to the market, the Company committed to installing 750 MWp per year for the next 5 years, which would add 3,750 MWp in said period, thus reinforcing the Group's corporate expansion in the production of renewable energy. With this agreement, Audax is taking leaps and bounds towards that objective, since the MW's will continue to increase gradually throughout the current and subsequent years, in accordance with the Group's strategy.

Audax Renovables has, within this new strategy to promote generation activity, the faithful commitment to keeping the market permanently informed about the progress of the status of the projects incorporated in an exercise of continued transparency. In this sense, the Group has updated the contents of its website incorporating the details of the projects mentioned from now on (

As a result of this exercise and this new strategy, and in recognition of this task, a new relevant shareholder has recently joined, Global Portfolio Investments, SL, which will provide stability to the shareholders, while the President and majority shareholder consolidates his commitment to dilution of its participation in Audax, retaining control of around 70% of the shareholding. The entry of a new partner has occurred at a particularly relevant time for the company, with a serious and strong commitment to new areas of the future, among which the commitment to photovoltaics stands out, which is projected as one of the renewable energy resources. with the greatest future worldwide, especially after the COVID-19 crisis, where the emphasis of the European economic recovery is placed on renewable energies.

About Audax Renewables 
The Group is the result of the merger by absorption between Audax Renovables, SA and its parent company, Audax Energía, SA, giving rise to an energy group whose activities focus on the production of renewable energy 100%, as well as the supply of electricity 100% renewable and gas.
Founded in the year 2000, in 2003 Audax Renovables began to be listed on the secondary market of the Barcelona Stock Exchange and in 2007 it was listed on the SIBE of the Madrid Stock Exchange. Currently, it is listed on the Spanish Continuous Market under the name (ticker) ADX.MC, having been incorporated into the IBEX SMALL CAP® index on March 23, 2020.

We are the leading energy group in the SME segment in Spain, guaranteeing an efficient supply of marketed energy through a process of vertical integration with renewable generation activity, with a solid financial position, and prepared to lead the energy transition in the European market.
The Group manages a portfolio of generation projects in operation of 91 MW in wind farms in Spain, France and Poland. Additionally, it has 66 MW of wind power under construction in Panama. Likewise, it has a portfolio of photovoltaic projects under construction of 60 MWp and has a photovoltaic portfolio of 2,281 MWp in different phases of development located in Spain, Portugal and Italy. 

Audax Renovables, in its activity of marketing renewable 100% electricity and gas, is present in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, adding more than 515 thousand customers and 15 TWh supplied in 2020.

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