Commitments of CHF 54 million have already been received one month before the end of the subscription period. Issue price of CHF 10.50 per share. Target of a 600 MW portfolio already very close through acquisition and project completions.
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. Within the first days of the subscription period, the company has already received commitments of CHF 54 million, CHF 40 million of which are firm commitments. These commitments come from new investors as well as from existing shareholders.
The equity raised with the capital increase will be used to repay existing bridge financing, but primarily to further expand the diversified portfolio through targeted investments in renewable energy power plants. The existing transaction pipeline with wind, photovoltaic and hydropower plant projects is very well equipped. Some projects are close to completion, so that the target of a total portfolio of 600 MW by the end of 2020 is well achieved from today's perspective. By 2023, the next target is 750 MW.
Only recently, aventron successfully completed the acquisition of AGERE AG. The company owns and operates a photovoltaic portfolio in the canton of Ticino with a total output of around 10 MW. These are existing plants with fixed feed-in tariffs. In addition, 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, each with a nominal value of one Swiss franc. The new registered shares are already fully entitled to dividends for the 2020 financial year. The equity capital increases with the capital increase by up to CHF 65.1 million. The issue prospectus and subscription forms can be requested from aventron at info@aventron.com. The first quarter of 2020 was above budget in terms of sales and EBIT. aventron generated net sales of CHF 28.9 million and EBIT of CHF 11.3 million. In particular, the wind turbines and small hydropower plants were able to produce well throughout Europe in the months of January to March due to the prevailing weather conditions.