The Valencian Community will not take long to have ten listed companies on the stock exchange, given that yesterday, Friday, the Market Coordination and Incorporations Committee of the former Alternative Stock Market (MAB) gave the go-ahead to the Valencian Umbrella Solar Investment. It did so by considering that“it will meet the requirements for its incorporation into the BME MTF Equity BME Growth trading segment“. In addition, the National Securities Market Commission (CNMV) had previously granted it the necessary ISIN code to be able to be listed on any organized market, whether national or international.
Umbrella Solar Investment joins Cuatroochenta from Castellón ; the Valencian companies CaixaBank, Endurance Motive, Libertas 7, Substrate AI, Veracruz Properties and the Alicante companies Banco Sabadell, FacePhi and Intercity. Of the ten, only the two banks and the listed company of the Noguera family are in the Continuous Market, while the other seven are part – pending the incorporation of Umbrella Solar Investment – of BME Growth.
But who is behind the new Valencian listed company? The Valencian businessman Enrique Selva Bellvis founder of IM2, who at the end of 2018 set up a holding company around solar photovoltaic energy baptized as Umbrella Capital, asthis newspaper advanced then, and later adopted the name Crocodile Investment. The group includes IM2 Energía Solar, Solar Rocket, Thunder Energy, Greentech Solutions and Turbo Energy, which has become increasingly powerful in the competitive ‘clean energy’ sector. The holding company’s scope of action includes the development and construction of projects and the manufacture of capital goods, as well as the operation and maintenance of solar plants and the investment and exploitation of photovoltaic assets.
Going public will provide a new means of financing beyond purely banking, notoriety, brand, reputation, transparency …. These are factors that make it necessary to take the step of listing on the stock exchange and, moreover, with the ‘courage’ of doing so in this complex situation in the financial markets. And even more so with the central banks – the latest being the ECB – normalizing their monetary policies by raising interest rates to try to contain inflation.
The board of directors of Umbrella Solar Investment has taken a reference price of 5.50 euros per share, which implies a total valuation of 118.5 million euros. This price coincides with the price agreed in the last capital increase carried out by the company just before its incorporation to the market.
Present in Spain and Chile
VGM Advisory Partners has acted as registered advisor to the company, while Bankinter will act as liquidity provider to this increasingly powerful solar photovoltaic group. It is currently present in Spain and Chile, vertically integrated and developing its business in the different stages of the value chain in the solar photovoltaic energy sector.
The energy company thus becomes the tenth company to register a document of incorporation in this market of Bolsas y Mercados Españoles (BME) so far this year. Many of them have done so in recent months, despite the instability of the markets due to the inflationary pressures resulting from the Russian invasion of Ukrainian territory.
Luis A. Torralba of valenciaplaza
