EDF Energies Nouvelles (Paris:EEN) has raised €500 million to support its solar photovoltaic initiatives. The company did not give specific information as to how the funds would be spent.
Beginning on September 3, 2008 the company sold 15,513,683 new shares that will be entitled to a dividend from 1 January 2008.
The capital increase was oversubscribed, with total demand amounting to €512.7 million, representing a subscription rate of 102.6%. 15,234,367 new shares were subscribed by shareholders exercising their pro rata subscription rights, representing 98.2% of the new shares.
The total raised was €499,540,592.60.
Subscription orders for additional shares placed by exercising rights holders ("souscription a titre reductible") represented demand for 688,243 new shares and were therefore only partially filled through the issue of 279,316 new shares.
The new shares will start trading on Euronext Paris on September 30, 2008 on the same line as the existing shares.
About EDF Energies Nouvelles
With operations in nine European countries and in the United States, EDF Energies Nouvelles is a market leader in renewable energies. With a development focused on wind energy for several years and more recently on solar photovoltaic, now a second priority avenue of development, the Group is also present in other segments of the renewable energies market: small hydro, biomass, biofuel and biogas. In addition, the Group is expanding its presence in the distributed renewable energies sector in partnership with EDF. EDF Energies Nouvelles is a 50 %-owned subsidiary of the EDF Group.
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