Merger approval gives $77m boost to Belgium's Electrawinds

Shareholders in European CleanTech 1 have approved a merger with Belgian renewables developer Electrawinds, swelling the latter’s war chest by about €60m ($77.4m) as it expands internationally and prepares a slate of major offshore wind projects.

The merger is expected to be finalised by the end of the week, with the new company trading on the Frankfurt Stock Exchange by 8 October.

Shares will initially trade at €10 each, although the amount that will be released to the public remains unclear, an Electrawinds spokeswoman tells Recharge.

In addition to providing Electrawinds with a large slug of fresh financing to pursue new projects, becoming publicly listed will also make it easier to pursue future mergers or acquisitions, she adds.

Electrawinds’ management team and its roughly 230 employees will be unaffected in Log in to read complete article.

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