• Four internationally renowned investors expressed a binding interest on 6,229,422 shares
• Capital proceeds from the share capital increase are estimated at over 68.5 million Euros
• New capital proceeds will be channeled into significant investments in clean energy production and storage in the Greek market

TERNA ENERGY announces the successful completion of the process of collecting binding offers to cover the new shares of the Company’s share capital increase, the approval of which will be granted by the upcoming Extraordinary General Meeting on September 1^st, 2020.

During the above process of collecting offers, there was an excessive demand. Specifically, there was a binding interest for a total of 6,229,422 shares at the price of 11 Euros per share, i.e. for a total amount of 68,523,642 Euros, by the following recognized international investors: Anavio Capital Partners LLP, Blackrock Inc, Kayne Anderson Capital Advisors LP and Impax Asset Management. It is worth noting that most of the above international investors placed funds for the first time in the Greek market, which is a “double vote” of confidence for both TERNA ENERGY Group and the Greek economy.

Referring to the successful completion of the sale of new shares, Mr. George Peristeris, Chairman of TERNA ENERGY Group, stated: “Four major international investors, oriented towards medium-long-term strategic investments, trusted our Group but also the prospects of the Greek economy and especially the clean energy sector, at a particularly critical time and pledged to allocate funds totaling more than € 68.5 million, which will be used to finance our major investment program in clean energy and in the fight against climate change. Our investments concern new major projects of the Group in the Greek market and will have multiplier benefits for the local communities, the Greek economy, the stimulation of growth and employment, the reduction of the cost of electricity for households and businesses, but also for the environmental protection, as they will assist the national effort to shift towards RES and address the effects of climate change. The success of our Company, however, will have significant benefits for the thousands of our shareholders who have trusted us for years now. The new funds are expected to give even greater boost to the overall development plan of our Group, as they strengthen its equity position and optimize its capital structure, increasing at the same time the dispersion and marketability of the Company’s shares.”

It is reminded that in view of the Extraordinary General Meeting that will take place on September 1^st, 2020, the Company’s Board of Directors has unanimously made a proposal concerning the abolition of the pre-emptive right in the particular share capital increase, as a necessary and appropriate measure, since the abolition of the pre-emptive right is conditionally related with the allocation of 6,229,422 new shares through a private placement to international investors.

It is also worth noting that:

• The offering price of the new shares will settle at 11 Euros per share, a price level which is close to the stock’s historically high levels up until today.
• The Company does not intend to sell the 4,293,268 treasury shares it has acquired under the stock repurchase programs, which represent 3.769% of the share capital, but instead the management is planning to cancel those shares soon. Thus, when subtracting the percentage that these shares represent in the share capital of the Company, the effective dilution that the shareholders of the Company will incur due to the share capital increase, is, at most, around 1.7%, a percentage significantly lower than the benefits generated for the Company via its share capital increase.   

Information:   

Investor Relations: Aristotelis Spiliotis, tel. +30 210 696800, tspiliotis@terna-energy.com

Press Office & Public Relations: Danae Kalantidi, tel. +30 210 6968000, dkalantidi@gekterna.com