EiDF began its journey in the business world in 2008 and now, in 2021, they have decided to make the jump to the stock market in the BME Growth market. Why was this the year chosen to carry out something so important?
The IPO is a process that we started a long time ago and in which we invested a lot of work. Our initial purpose was to do it in 2020, but the emergence of Covid made us postpone it for a few more months. The market situation itself at that time also influenced, where many OPS / IPOs finally did not go ahead. This made us assess our position and measure how and when to do it.
How is your experience being as a listed company? If you could go back in time, would you take this step again?
Evidently. Entering the capital market is something that our own growth was demanding of us. The trajectory has been very positive and it was a necessary step to consolidate our growth. Access to financing allows us to continue advancing in our business diversification based on the vertical integration of activities: self-consumption, generation and commercialization. It gives us solvency and security in our expansion plans and, also, notoriety and brand image.
EiDF set a starting price of 4.2 euros per share and in just five months it has managed to reach 20 euros. What do you think is due to this good evolution? What is it that conquers investors?
We set our initial valuation according to the market, adjusted at that time. There are two key factors in the investor’s interest: transparency and profitability. Investors are trusting the value of EiDF. We are the only listed self-consumption company, making a difference with respect to other companies in the renewable sector that are also listed on the capital market. This fact makes us unique. In addition, we have a four-year business plan, with clear and credible objectives, which ensure wide profitability margins.
Apart from the Covid crisis, 2021 has also been very marked by the historical increases in electricity. How has this affected EiDF?
The electricity system and the marginal market for setting prices are being questioned, since it is having an upward increase in the daily cost of electricity. This is a situation with global repercussions, which not only affects Spain and which, therefore, requires a global and joint solution. The rise in costs has caused the electricity bill of companies and individuals to be increasing and, therefore, they look for savings alternatives. In this sense, self-consumption is one of the most effective solutions. In the last few months, September and October, we have registered our sales peak. There is a growing demand, not only due to the reduction in electrical costs, but also due to sustainability criteria and requirements.
Sustainability and caring for the environment have more and more weight in society. How do you expect demand in this renewable energy sector to evolve in 2022? What would they need for self-consumption to take off in Spain?
The self-consumption sector is booming. We have many years of growth left. However, there are still things to improve at the legislative level so that the processing of projects is more agile. The sector needs stability and homogeneous regulation in all communities, we cannot be depending on outdated regulations or such long processing times. A specific procedure is also required, through RD, to regulate access and connection permissions in self-consumption.
What objectives does the company’s Strategic Plan set for the next four years?
The forecast is to reach 224 million in turnover and an EBITDA of 26.4 million for next year. The Generation area, in which we have a pipeline of 860 MW, and which is based on the construction and operation of our own wind farms, will have more and more weight in the turnover. In addition, the acquisition of ODF Energía will allow us to grow in commercialization and achieve a stable EBITDA.