The merger is unanimously approved

The General Meeting of Shareholders of the listed company Audax Renovables held today has confirmed the merger of both companies, which will mean the birth of a large energy group, giving rise to a business project with great projection.
The objective of the merger is to enhance growth, taking advantage of the synergies and complementarity of their activities thanks to the vertical integration between the generation of renewable energy and the commercialization of electricity and gas. This merger will boost the trajectory of the group, whose aspirations are to strengthen all lines of business both nationally and internationally.
Audax Energía is an electricity and gas marketer with a large national presence and a strong international projection. It currently has a presence in 6 European countries (Spain, Portugal, Italy, Germany, Poland and Holland) where it carries out marketing activities for both electricity and gas. Audax Energía is looking forward to this new stage of growth that involves the merger with the listed Audax Renovables with the aim of strengthening its position in all the countries where it is present and continuing to advance in its internationalization process.
For its part, Audax Renovables is a listed company, present in Spain, France, Poland and Panama, which closed 2017 with a profit of 7.4 million euros and which continues the same trend in 2018, after closing the third quarter with an increase in profits of the 78% compared to the same period of the previous year. This result confirms that with the takeover by Audax Energía in August 2016, Audax Renovables began an integration process that has been very positively consolidated and has led to a clear change in trend in its results.
Currently Audax Renovables manages a total operating portfolio of 185 MW in Spain, France and Poland, of which 1 MW is photovoltaic and the rest wind. The company is also involved in the construction of a 66MW wind farm in Panama. The intention of the new group is to bet on diversification in renewable technologies. The objective is to increase the installed capacity in other technologies, such as photovoltaic generation. This diversification will allow it to close new PPAs (Power Purchase Agreements), which will give it an advantageous position regarding the prices of the energy pool and will consolidate and strengthen its position in the energy market.
The Group resulting from the merger of Audax Renovables (Absorbing Company) and Audax Energía (Absorbed Company) will maintain its current management teams led by José Elías, who will maintain his positions in the company, always respecting the conditions established by the regulator, and working to return to the dividend in the shortest possible time, so that shareholders are rewarded for their participation in a large business group with a strong financial and market position and significant prospects for future growth.