João Manso Neto voted in as CEO of Greenvolt for 2024 term

Portuguese renewables company Greenvolt Energias Renováveis, SA announced today that João Manso Neto will continue on as president of the company for the 2024 term.

The decision was taken by the board of directors on 14 June. Greenvolt has also informed that two special commissions have been set up by the board for the same term.

On 12 June Greenvolt shareholders approved changes to the company’s statutes allowing the board to raise capital to a maximum of €300 million.

At that meeting a proposal from Mediobanca was given the green light permitting the company’s board to “raise capital once or more times to a limit of €300,000,000 according to a communiqué sent to the securities market regulator, CMVM.

Mediobanca has a 16% share in Greenvolt through K-Infra Gamma Aggregador, an offshore registered in the Cayman Islands.

In December there was a takeover bid for Greenvolt launched by the Luxembourg-based investment fund Gamma Lux which is managed by KKR. Lisbon-based GVK Omega was set up to manage the operation.

At the time the company was worth €1.16Bn. Gamma Lux said in a statement that it was offering €8.3 euros per Greenvolt share, a premium of 32.1% to the weighted average price over the prior six months to December, 2023.

Gamma Lux expected the acquisition to complete after May 31 this year as it was subject to approval by regulators including the Portuguese Competition Authority and counterparts in Romania, Ireland, Britain and Germany.