- Shareholders express their confidence in the management board and supervisory board
- New authorized capital and additional possibilities to raise capital allow for flexible growth financing
- Extension of corporate purpose sets course for acquisition of battery storage facilities
Gruenwald, August 20, 2021 – Pacifico Renewables Yield AG (ISIN: DE000A2YN371) (the “Company”, “Pacifico”), an independent producer of electricity from renewable sources held its annual general meeting for the year 2021 yesterday.
The annual general meeting resolved to repeal the existing authorized capital 2019 and to create a new authorized capital 2021, which authorizes the management board, with the approval of the supervisory board, to increase the Company’s share capital on one or more occasions by a total of up to €1,654,883.00 by issuing up to 1,654,883 new no-par value bearer shares against cash contributions and/or contributions in kind in the period up to August 18, 2026.
The annual general meeting also approved the creation of a new conditional capital which will allow, among other things, the issuance of convertible bonds in the future. Furthermore, the annual general meeting notably passed the usual formal approval of the actions of the management board and the supervisory board and approved a change in the corporate purpose of the Company, which will allow the Company to invest in (battery) storage facilities in the future.
Martin Siddiqui, Co-CEO: “We would like to thank the shareholders for the trust they placed in us yesterday. The annual general meeting’s consent to the creation of the new authorized capital and to further possibilities to raise capital will allow us to continue to respond flexibly and in line with situational considerations to financing requirements and short-term opportunities, particularly in connection with the further expansion of our portfolio. In addition, this allows us to closely link the use of funds and the raising of funds in terms of timing. The possibility of issuing convertible bonds in the future also provides us with a further instrument for growth financing.
The entire annual general meeting was broadcast live on the internet. Shareholders were able to submit questions via the internet, all of which were answered at the meeting. In total, the votes of 2,520,374 shares were represented. This corresponds to 74.5% of the voting share capital.”
Christoph Strasser, Co-CEO: “The results of the annual general meeting lay important foundations for the future, in particular with regard to our partnership with Boom Power. In addition to the expanded financing scope, the extension of the corporate purpose in our articles of association will allow us to acquire battery storage assets from our pipeline in the future. This gives us the opportunity to invest in the promising market for battery storage and to further diversify our portfolio.”
About Pacifico Renewables Yield AG
Pacifico Renewables Yield AG is an independent energy producer listed on the open market of the Dusseldorf Stock Exchange with additional requirements (Primärmarkt) (ISIN: DE000A2YN371) with the aim of building up a gradually growing portfolio of plants for energy generation from renewable sources. With operational wind and photovoltaic power plants spread across Europe, the Company offers a clear and diversified profile with stable and predictable earnings.
This press release may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of Pacifico Renewables Yield AG (“forward-looking statements”). Forward-looking statements can be identified by words such as “believe”, “estimate”, “anticipate”, “expect”, “intend”, “will”, or “should” and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the Management Board of Pacifico Renewables Yield AG and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. We will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will we reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and we do not assume any obligation to do so. We do not assume any responsibility whatsoever that the forward- looking statements or assumptions contained herein will occur.