Opdenergy has announced plans to start taking orders for shares, according to sources from the renewable energy firm, as the initial public offering (IPO) market in Spain gets back to action after a six-month break. The firm aims to raise a minimum of 375 million euros, approximately $452 million, on the stock exchange. The funds will be used in building more wind farms and solar plants that have become increasingly popular in recent times, as economies globally begin to phase out planet-warming fossil fuels.

The renewable energy company has fixed a price range of 4.26-5.20 euros per share for the offer. This includes a greenshoe option, which will enable underwriters to buy up an additional 10%. Opdenergy is also giving itself the option of taking the overall amount raised to 425 million euros.

Opdenergy is led by the experienced Luis Cid, a professional popular for the development of renewables projects at wind power giant Iberdrola. The company has projects across the globe, including Britain, Chile, France, Italy, Mexico, Poland, the United States, and Spain. The firm currently operates 13 solar parks and one onshore wind farm with a total capacity of over 580 megawatts, with plans of building facilities that would add 3.7GW of capacity by the end of 2026.

In a related development, Ecoener, another clean energy developer, is also taking orders to raise 182 million euros through an IPO. Industry giant, Acciona ANA.MC, also plans to follow a similar path, with a deal that could value its own energy unit at over 8 billion euros.

Citi C.N and Santander SAN.MC are in charge of coordinating the Opdenergy deal while Alantra ALNTA.MC, Bank of America BAC.N, Berenberg and RBC Capital Markets are bookrunners. Rothschild & Co ROTH.PA and Evercore EVR.N will also be advisors to the company, whose shares are likely to start trading on May 7.

Spain’s last initial public offering was in October, 2020, when Soltec SOLPW.MC, a leading solar equipment maker, launched its shares in the first test of investor appetite after the novel coronavirus disrupted global markets.

Soltec’s shares as well as other clean energy stocks climbed into the start of 2021.

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