Amara NZero Group advances recapitalisation to strengthen its balance sheet, requests credit rating withdrawal

Key principles of the recapitalisation contemplate a substantial reduction in the Group’s debt, as well as the injection of significant new equity to accelerate growth. The recapitalisation is supported by the Group’s existing financial stakeholders – its Spanish bilateral working capital banks and principal shareholder, as well as a majority by holdings of the Group’s senior secured noteholders. These stakeholders continue to recognise the economic value in the Group and its growth potential. 

Because the recapitalisation contemplates a substantial reduction in the Group’s senior secured notes, it is anticipated that Fitch Ratings and S&P Global Ratings will downgrade the credit ratings of those notes in the coming days. The issuance of downgraded ratings during a recapitalisation process is standard practice and these revised rating do not reflect a change in the Group’s credit risk. As such, the Group has requested that its credit ratings be withdrawn and this has been acknowledged by Fitch Ratings and S&P Global Ratings.

Amara NZero CEO Simon Oakland commented: “Although the recapitalisation strengthens our balance sheet and gives us the robust foundation we need to accelerate growth, the rating agencies automatically issue a downgrade when the terms of our existing long-term debt are changed. Because the downgraded ratings will be procedural and not representative of our financial position, we have requested their withdrawal. We remain focused on finalising the recapitalisation, which will result in a strong balance sheet for the group and support our long-term growth.”

About Amara NZero

Founded in 1957, Amara NZero is a comprehensive expert in sustainable energy, serving as a supplier of a range of solutions across wind, solar, electrification, and services for the energy transition. The company has over 2,300 employees and operates across Europe and the Americas with major operations in Spain, Portugal, Italy, France, the United States, Brazil and Mexico supporting its clients' national and international projects. Its aim is to position itself as an Energy Transition Key Partner, further aligning its objectives with the Energy Transition and its three pillars: decarbonization, electrification, and digitalization.

Media contacts

Kekst CNC:

Neil Maitland (+447981578507) / Anelia Fikiina (+447970952884) / Artemis Foteinou (+447814930261)

AmaraNZero@kekstcnc.com

Tinkle:

Maria Pico

maria.pico@tinkle.es

Juan Berganza

juan.berganza@tinkle.es