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Allen & Overy advises EDPR on its investment as part of Lhyfe’s IPO

Allen & Overy has advised EDP Renewables (EDPR), the world’s fourth largest wind energy producer, on a EUR25 million investment in the context of the initial public offering (IPO) of Lhyfe, a world pioneer and pure player in renewable green hydrogen production, on the regulated market of Euronext in Paris.

This subscription commitment from EDPR, a 75% owned subsidiary of EDP Group (historically the Portuguese national electricity producer, transporter, and distributor), is part of the conclusion of a collaboration agreement with Lhyfe to jointly identify, develop, build and manage green hydrogen production projects.

The subscription period began on May 9, 2022 and ended on May 20, 2022. The total amount of the capital increase reached EUR110 million (excluding over-allotment option). This transaction, approved on May 6, 2022 by the Autorité des marchés financiers (AMF), is completing the recent financing fundraisings of EUR76 million through convertible bonds, of which around EUR47.8 million were converted into shares on the settlement date of the IPO.

The Allen & Overy team in Paris was led by Alexandre Ancel (Partner) and Olivier Thébault (Partner), with Jade Billère-Mellet (Associate).