The private placement, managed by local brokerage firm Goldring, will have an interest rate of 8-10% a year and the bonds will be listed on the Bucharest capital market in a few weeks.
“The bond issue is a first step in implementing our growth strategy in terms of client numbers, integrating renewable energy production assets, regional expansion and our target to supply 100% renewable energy. In the next five years we have ambitious but feasible targets: 500 MW renewable energy production capabilities, 300,000 retail and business customers, a market share of 2.5% for electricity and 1.5% for natural gas on a fully digital model. The funds raised from this bond issue will help us reach these targets,” said Armand Domuta, CEO and founder of Restart Energy.
The company plans to double its number of household consumers this year to 65,000 and 50% growth in business client numbers, to 7,500.
The company estimates a net profit of RON24.2 million for 2021 from an estimated RON13 million in 2020.
Restart Energy recently entered a joint venture with Interlink Capital Strategies, a U.S.-based financial consulting and fund management firm, to develop $500 million worth of energy projects in Romania and neighboring countries. Restart Energy plans to acquire and develop renewable energy projects totaling 500 MW by the end of 2025. The projects will require investments of approximately $100 million a year.