HIAG and aventron set up the joint venture HIAG Solar in order to increase solar power production on the properties in HIAG’s real estate portfolio in the long term. HIAG holds 49% and aventron 51% of HIAG Solar AG.
With a planned module surface of approximately 65,000 m2 and an output of around 10 MWp, HIAG Solar intends to become a major solar power producer in Switzerland in the mid-term and to successively increase its production capacity. The company is striving for an annual power production of around 10 million kWh and CO2 equivalent savings of around 4.2 million tonnes. The first four plants are already in the planning stage and are expected to start power production in 2021 and 2022.
“The existing and planned properties in HIAG’s real estate portfolio are ideally suited for systematic expansion with photovoltaic systems,” explains Marco Feusi, CEO of HIAG, “power production from renewable energy sources will thus take on an even more important role in HIAG’s sustainability strategy, along with the existing photovoltaic systems and our hydroelectric power plants.”
For aventron CEO Antoine Millioud, HIAG Solar represents a perfect match: “HIAG owns very large roof areas in Switzerland and aventron has proven expertise in the planning, implementation and operation of high-performance solar power plants.”
In the first half of 2020, aventron has produced 550 GWh of renewable energy and, in doing so, has generated a net income of CHF 10.3 million. The installed capacity has grown to 564 megawatts (482 megawatts as of half year 2019).
aventron had a strong start in 2020 generating revenues from the supply of energy amounting to CHF 55.3 million (prev. year CHF 54.2 million) with an EBIT of CHF 20,5 million (prev. year CHF 19,2 million). With its power plants in six countries, aventron produced 550 GWh (prev. year 490 GWh) of renewable energy, significantly more than expected due to good weather conditions. As at the reporting date aventron operates in Europe a portfolio of 564 MW (prev. year 482 MW). The main contribution to the increase of the installed capacity has been the commissioning of the 50 MW solar power plant Bargas in Spain.
In relation to revenues, the EBITDA margin is slightly higher at 72,7 (71,3) percent and the EBIT margin at 38,0 (35,1) percent. The half-yearly net income came in at CHF 10,3 million (prev. year 8,5 million). The half yearly net income per share increased to 0.210 swiss francs per share (prev. year 0.195). For 2020 as a whole, management expects somewhat subdued annual results due to lower energy market prices. The exceptionally mild winter 2019/20 has put pressure on electricity prices in Norway, while the COVID crisis will lead to reduced economic output in Europe in general. As over 80 percent of the Group’s net revenues are hedged, the discount will be limited. aventron’s business model proves to be robust.
aventron raised 55.2 million Swiss Francs in fresh capital
aventron pursues a focused and balanced growth strategy in the field of renewable energy production using hydro, wind and solar power. In order to achieve its goals, fresh financial resources in the form of equity capital were raised. The annual general meeting on April 16, 2020 had approved the capital increase. This was carried out while preserving the subscription rights of existing shareholders and was completed successfully and according to plan on the 25th of June. 5,258,560 new registered shares with an issue value of CHF 10.50 (at a par value of CHF 1.00) were subscribed and paid in cash. This brought aventron a cash inflow of 55.2 million Swiss francs. The market capitalisation of aventron AG thus reaches approximately 515 million Swiss francs. Confidence in aventron’s positioning, development and strategy ensured the successful closing of the capital raising round.
With the eighth capital increase aventron was able to further expand its circle of investors. Crédit Mutuel Equity invested 30 million Swiss Francs and acquired 5.8 percent of aventron AG. Long-term aventron shareholders from among Swiss institutional investors also participated in the capital increase.
The new shares are expected to be tradable for the first time on the 2nd of July via BEKB’s OTC-X. aventron belongs to the Top 50 Index of the OTC-X. All new registered shares of aventron are fully entitled to dividends for the financial year 2020.Crédit Mutuel Equity (formerly CIC Capital) is the private equity subsidiary of Crédit Mutuel Alliance Fédérale and carries out minority and majority investments, but also provides venture capital. Crédit Mutuel Equity provides equity financing solutions at all stages of a companies’ development. Currently about 3.0 billion Euros of Crédit Mutuel Group’s own equity are invested in more than 350 businesses, building a powerful network of business leaders and entrepreneurs who share similar convictions and can benefit from one another’s experience. In addition to the home market of France, activities under the Crédit Mutuel Equity brand have also been expanded internationally.
for CHF 54 million have already been received one month before the subscription
period ends. Issue price of CHF 10.50 per share. Target 600 MW portfolio
through acquisition and project completion achievable.
The Annual General Meeting on 16 April approved the
implementation of a further capital increase. A total of 6.2 million registered
shares will be offered for subscription. The subscription period runs until 29
May 2020 at the latest. Commitments of CHF 54 million have already been submitted
to the company within the first days of the subscription period, CHF 40 million
of which are firm commitments. These commitments come from both new investors
and existing shareholders.
The equity raised through the capital increase will be
used to repay existing bridge financing, but above all to further expand the
diversified portfolio through targeted investments in renewable energy power
plants. The existing transaction pipeline with wind, solar and water plant
projects is well equipped. Some projects are nearing completion, so that the
goal of a total portfolio of 600 MW by the end of 2020 is achievable. The next
target is 750 MW by 2023.
Only recently, aventron has successfully completed the
acquisition of AGERE AG. The company owns and operates a solar portfolio in the
canton of Ticino (southern part of Switzerland) with a total capacity of around
10 MW. This portfolio consists of existing plants with fixed feed-in tariffs.
Furthermore, aventron is currently in advanced negotiations for two wind farm
transactions with a total capacity of 20 MW in Norway and France.
In the course of the current capital increase the
existing share capital of CHF 43,728,575.00 will be increased by up to
6,200,000 new registered shares with a nominal value of one Swiss franc each.
The new registered shares will be fully entitled to dividends for the 2020
financial year. The capital increase will increase equity by up to CHF 65.1
million. The issue prospectus and subscription forms can be requested from
Sales and EBIT for the first quarter 2020 are above
budget. Thus, aventron generated net proceeds of CHF 28.9 million and an EBIT
of CHF 11.3 million. Especially the wind turbines and small hydro power plants
were able to produce well in the months January to March all over Europe due to
the prevailing weather conditions.
in the financial year of 2019 were up by 12% and earnings per share grew
disproportionally to CHF 0.30 per share. aventron proposes to the general
assembly a capital increase of maximum CHF 62 million at an issue price of CHF 10.50
In the past financial year revenues grew by 12% to CHF
102.5 (previous year 91.8) million. First time full-year contribution of new
wind parks acquired or contributed-in-kind in 2018 in Germany and Spain were
the main contributors to this growth combined with further acquisitions in the
Solar PV segment Switzerland. aventron increased EBIT disproportionately by 15%
to CHF 32.4 (PY 28.2) million. Project development activities, operating
improvements and a well-diversified production led to a net income of CHF 13.0
(PY 10.2) million. The earnings per share (eps) grew to CHF 0.30 per share. These
results once more underline the profitability of aventron’s business model. The
company succeeded in improving earnings per share despite the dilution effects
of past capital raises. By the end of 2019 the portfolio consisted of 545 (PY 486)
MW installed capacity. The wind segment delivered 57% of the revenues. 28%
stemmed from the solar PV segment and 15% from the hydro segment.
Proposed dividend 4.0% higher
aventron would like its shareholders to participate in
these positive results. The Board of Directors thus proposes to the General
Meeting to increase the dividend by 4.0% to CHF 0.26 (PY 0.25) per share. The
Annual General Meeting of aventron AG will take place on 16 April 2020.
In 2019 aventron invested CHF 46.2 million in the
acquisition of existing power plants and in the construction of its own
generating capacity. The balance sheet per year end amounts to CHF 743.8 (PY 748.8) million. By the end of 2019 the aventron group held liquid
assets totaling CHF 69.1 (PY 66.8) million. Through various optimisations debt services evolved
Additional capital increase is planned
At the Annual General Assembly 2020 aventron will seek
approval for an additional capital increase consisting of a volume of up to 6.2
million shares. This corresponds to an increase in equity of up to CHF 65
million. The registered shares will be issued at an issue price of CHF 10.50
per share. The planned capital increase is intended to generate additional
funds for investments in a diversified portfolio in all the countries in which
aventron is active. The intermediate target is to reach a portfolio size of 750
MW by 2023.