RO company Restart Energy raises EUR 3.3 mln with green bond issue

Restart Energy, a Romanian independent supplier of electricity and natural gas, has raised RON 16.36 million (some EUR 3.35 million) through a green bond offer conducted between January 20 and February 3, 2021.

The bond issue, which marks the company’s entry on the capital market, was oversubscribed and closed early, only ten days after launch. The offer’s value was RON 15 million (about EUR 3 million), with the possibility of supplementation.

The company will pay a yearly coupon of 9% for the five-year bonds. It will also initiate the steps for listing the bonds on the Bucharest Stock Exchange. Local brokerage firm Goldring managed the offer.

The company will use the funds for investments. It aims to increase the number of customers and its market share, integrate renewable production assets, and achieve the target of providing energy 100% from renewable sources.

The company aims for RON 220 million (EUR 45 million) revenues in 2021, RON 100 million (+83%) more than last year. Its management also plans to reach a net profit of RON 24.2 million (some EUR 5 million) at the end of 2021, compared to approximately RON 13 million (estimated) last year. The growth should come from the liberalization of the local energy market for retail clients and new business lines with higher added value, such as equipment sales.

Restart Energy was founded in 2015 in Timisoara by local entrepreneur Armand Domuta. The company serves over 30,000 individual customers and approximately 5,000 corporate customers. It has operations in Romania and Serbia and, starting in 2021, intends to develop in several European markets, including Germany and Spain.

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