Vieira de Almeida & Associados (VdA) assisted GreenVolt – Energias Renováveis, S.A. (“Greenvolt”) in the recently announced agreement to issue of € €200,000,000 4.75 per cent. Senior Unsecured Conditionally Convertible Bonds due 2030 (the “Transaction”).

These bonds may be re-designated as senior unsecured bonds convertible into or exchangeable for ordinary shares of Greenvolt, subject to the appropriate resolutions being passed at a general shareholders’ meeting to be held prior to 31 May 2023.

After having assisted Greenvolt in its successful rights issue in July 2022 and in the unprecedented green bond issue to the retail market in November 2022, VdA is very proud to have represented Greenvolt in this ground-breaking transaction, enabling GreenVolt to further accelerate the financing or re-financing of acquisitions and development of renewable energy production projects and assets.

The VdA team involved in this Transaction was led by partners Hugo Moredo Santos and Pedro Cassiano Santos (B&F, Capital Markets) and included Francisca César Machado, Sara Santos Dias and Júlio Venâncio (B&F, Capital Markets) and Rita Pereira Abreu (Tax).

Other highlights

  • Greenvolt agreed with KKR’s global infrastructure fund to issue €200 million in conditionally convertible bonds, with a conversion price of €10.00, c.25% above the volume weighted average price of Greenvolt’s common stock listed on Euronext Lisbon.
  • The bonds have a maturity of 7 years, with the conversion option exercisable on the third anniversary of the issue date.
  • The agreement, which already has the approval of a group of shareholders holding the majority of the capital and voting rights of Greenvolt, reinforces Greenvolt's ability to execute renewable energy projects and opens the door to new opportunities to be explored together.
  • The Bonds will be subject to negotiated terms and conditions governed by Portuguese law. The re-designation of bonds convertible into shares is subject to approval by Greenvolt's shareholders at the annual general meeting to be held on 31 May.
  • Lazard Asesores Financieros S.A. acted as lead financial adviser, BNP Paribas as co-lead financial adviser, Banco Santander as co-manager financial adviser, and Vieira de Almeida & Associados as legal adviser to Greenvolt on the transaction.
  • Mediobanca acted as financial adviser, Simpson Thacher & Bartlett LLP as international legal adviser, and Uría Menéndez – Proença de Carvalho as domestic legal adviser to KKR on the transaction.
  • The market announcement is available in the CMVM’s website ( and in GreenVolt’s corporate website (

About VdA

Vieira de Almeida (VdA) is a leading international law firm with more than 40 years of history, recognised for its impressive track record and innovative approach in corporate legal services. The excellence of its highly specialised legal services covering several industries and practice areas, enables VdA to overcome the increasingly complex challenges faced by its clients.

VdA offers robust solutions grounded in consistent standards of excellence, ethics and professionalism. Recognition of the excellence of our work is shared by the entire team, as well as with clients and stakeholders, and is acknowledged by leading professional associations, legal publications and academic entities. VdA has been consistently recognised for its outstanding and innovative services, having received the most prestigious international accolades and awards of the legal industry Through the VdA Legal Partners network, clients have access to 7 jurisdictions, with a broad sectoral coverage in all Portuguese-speaking African countries, as well as Timor-Leste.
Angola – Cabo Verde – Equatorial Guinea – Mozambique – Portugal – Sao Tome and Principe – Timor-Leste