Croatia’s ENNA Preparing IPO, to Invest 1 Bln Euro in Green Energy

Croatia’s ENNA Preparing IPO, to Invest 1 Bln Euro in Green Energy
Πεμ, 1 Ιουνίου 2023 - 18:26

Croatian privately-held investment group Energia Naturalis (ENNA) said on Thursday it has started preparations for an initial public offering (IPO) and plans to put more than 1.0 billion euro ($1.07 billion) into green projects in Croatia

The process of entering the capital market is expected to take five years and one of the options under consideration is the Zagreb Stock Exchange, ENNA said in a press release.

Last year, ENNA started a new period of strategic development which will be marked by significant investments, it added. The company is developing large renewable energy projects, primarily solar and geothermal.

ENNA also said its main business lines remain renewables, transportation and logistics and food, and in future it will put a sharper focus on providing energy independence, sustainability and self sufficiency in production and distribution of food.

The company continues its investments in development of transport and logistics, via investments in railway cargo and ports, particularly via the strategic Rijeka Gateway on the northern Croatian Adriatic coast, which aspires to be new logistics hub in central Europe and the most important container terminal in the Adriatic Sea. Rijeka Gateway is a joint venture project of ENNA and APM Terminals, part of Danish logistics group Maersk. The overall value of their investment is estimated at 480 million euro and the future terminal in Rijeka is to bring more than one million of new container units.

Natural gas trader, importer and supplier Prvo Plinarsko Drustvo d.o.o. (PPD) which is a key division of ENNA is in the process of exiting the group, ENNA said. PPD, which has business operations in Switzerland, Italy, Hungary, Slovenia and Romania, and generates 70% of its revenue on foreign markets, will be in direct ownership of Blue Horizon, a company of local businessman Pavao Vujnovac, who is founder of ENNA. The change will enable PPD to achieve sustainable growth, to expand its business on existing markets and enter new European markets, ENNA said.

(SeeNews, June 1, 2023)