en.Wedoany.com Reported - Argentine renewable energy producer Genneia has filed an F-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to conduct an initial public offering of Class B shares in the form of American Depositary Shares (ADS) on the New York Stock Exchange under the ticker symbol GENN. The filing also seeks to trade Class B shares under the same ticker on the Buenos Aires Stock Exchange (BYMA) in Argentina.
A financial platform tracking initial public offerings registered the offering at up to $100 million, but the preliminary prospectus has not yet determined the offering price, number of shares, or listing date. Filing with the SEC is part of the registration process and may be subject to modifications during regulatory review.
According to the filing summary, Genneia intends to use the proceeds from the IPO for general corporate purposes, including expanding its wind, solar, and energy storage portfolio in Argentina through project development and potential acquisitions. The company will not receive any proceeds from shares sold by existing shareholders in the offering.
Morgan Stanley, BTG Pactual, BofA Securities, J.P. Morgan, and Latin Securities are listed as underwriters for the global offering. The offering will combine an international offering with a concurrent public offering in Argentina. The company will maintain a dual-class share structure: Class A shares retain five votes per share, while Class B shares offered to the public carry one vote per share.
Genneia describes itself as the largest independent renewable energy producer in Argentina. The company's investor page shows a total installed capacity of 2,009 megawatts, of which 1,646 megawatts is renewable energy capacity, representing a 22% market share in Argentina's wind and solar markets. The company reports that 100% of its EBITDA comes from renewable energy assets and 98% of its revenue is denominated in U.S. dollars.
The prospectus cited by financial media raises the total installed capacity as of the filing date to 2,128 megawatts, of which 1,765 megawatts are wind and solar assets and 363 megawatts are backup thermal power.
In the photovoltaic sector, Genneia operates seven solar parks: Ullum I, II, and III (82 MW), Sierras de Ullum (78 MW), Tocota III (60 MW), Malargüe I (90 MW), Anchoris (180 MW), Lincoln (20 MW), and San Rafael (180 MW). According to Genneia's prospectus filed with the SEC, the San Juan Sur solar park (129 MW) reached final commercial operation in June of this year. These assets have a combined installed capacity of 679 MW.
Genneia also signed a financing agreement in May with IDB Invest, the investment arm of the Inter-American Development Bank, for an initial amount of $185 million, expandable to $320 million. The agreement involves installing a 40 MW battery energy storage system (BESS) at the Maschwitz node in Buenos Aires Province, aimed at addressing grid stability during peak electricity demand. The project was awarded under the AlmaGBA tender framework.
In the publicly traded debt segment, Genneia also registered a global green bond Series XLIX for $400 million, maturing in December 2033, and reported issuing 17 tradable green bonds, with $1.225 billion allocated to 24 eligible projects.
If successful, this offering would mark the return of an Argentine company to the U.S. IPO market after several years, as local Argentine companies are currently regaining access to international financing channels.
