Romanian independent energy group Restart lists EUR 3.35 mln 5-yr bonds on BVB

Romanian electricity and natural gas supplier Restart Energy One, a company in the Restart group of local entrepreneur Armand Domuta, will list the RON 16.4 mln (EUR 3.35 mln) bonds it issued in February on the Bucharest Stock Exchange (BVB) on April 21.

The bonds are the first convertible bonds admitted to trading on BVB's MTS platform.

The company will pay a yearly coupon of 9% for the five-year bonds.

The company will use the funds attracted through the bond issue as co-financing to integrate renewable (PV) energy production capacities of approximately 50 MWp.

Restart Energy recently announced a USD 500 mln five-year investment plan backed by Washington DC-based Interlink Capital Strategies. As a first step, it purchased in February a 45MW "ready to build" photovoltaic park project in northwest Romania (Sarmasag, Salaj County) and will invest USD 30 mln in developing it.

Restart 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.

Several years ago, the group raised EUR 30 million with an ICO to fund a decentralized, sophisticated, and "democratic" blockchain-based electricity trading system.

(Photo source: Facebook/Bursa de Valori Bucuresti)