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Greentech mounts Fersa takover bid

SPAIN: Greentech, a Danish renewables developer, says it has secured financing to back a takeover bid on 100% of Spanish developer Fersa's capital base.

Fersa is an investor conglomerate with 258MW online and 1390MW in the pipeline, nearly all from wind.

On applying for approval for its bid, Greentech told the Spanish stock market regulator, CNMV, it is offering EUR0.40 per share. Fersa's recent share price stood at EUR0.435.

Analysts say the appeal of Greentech's offer to Fersa stakeholders lies mainly in the renewables subsidy freeze affecting Fersa’s home market. Greentech will therefore focus on Fersa's international portfolio.

Greentech, controlled by Italy's GWM Renewable Energy II, claims to operate 290MW, 250MW from wind. The company aims at 1GW in coming years. Fersa's biggest single shareholder is wind developer Enhol, though the bulk of its stakeholder base comprises financial institutions, mainly banks.

CNMV has a one-month period, starting April 13, to issue its decision on Greentech's application.

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