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Romania's Restart Energy raises 16.3 ln lei (3.34 mln euro) in green bond placement

Romania's Restart Energy raises 16.3 ln lei (3.34 mln euro) in green bond placement Restart Energy CEO Armand Doru Domuta

BUCHAREST (Romania), February 4 (SeeNews) - Romanian energy provider Restart Energy said on Thursday it has raised 16.3 million lei ($4 million/ 3.4 million euro) from investors through a green bond placement.

The bond issue marks the company's entry into the capital market and is the first step in its development strategy for the next five years, it said in a press release.

The five-year bonds bearing 9% interest will be listed on the Bucharest Stock Exchange.

Restart Energy aimed to raise at least 3 million euro in the private placement.

A total of 163,612 bonds were subscribed during the subscription period ran from January 20 to February 3.

"In the first month of the year, we have already marked two notable stages in our strategy: the partnership in a joint venture with the American company Interlink Capital Strategies in Washington and this green bond issue that puts us on a clear path to achieve the objectives within the proposed deadline," Restart Energy CEO Armand Domuta said.

Under its five-year strategy, Restart Energy aims to increase its portfolio of customers and its market share, expand regionally and achieve its goal of providing energy 100% derived from renewable sources.

Established in 2015, Restart Energy is part of Armand Group controlled by Romanian businessman Armand Domuta.

In January, the company said that it plans to grow its revenues by over 83% in 2021, to 220 million lei, and double the number of individual customers to 65,000.

(1 euro=4.8742 lei)