The Catalan Holaluz will list again tomorrow once the disqualification is ruled out
The company assures that it has paid the invoices that led to the opening of the file with its own funds
BarcelonaThe Spanish stock exchange operator BME allows Holaluz to list on the stock exchange again from tomorrow, Tuesday. The Catalan company will rejoin the BME Growth market – the stock market for SMEs – once the ministry's procedure for Ecological Transition, which could have resulted in its disqualification as an energy marketer, has been archived.
In mid-July, the Spanish government opened an investigation against the company chaired by Carlota Pi for alleged non-payments to three energy suppliers. Consequently, BME decided to close the door to the stock markets for it because it considered that the company's circumstances could "disrupt the normal development" of listings.
BME's green light comes after Holaluz formally communicated to it this Monday the archiving of the investigation, which was advanced by ARA on Friday and published in the BOE on Saturday. The company led by Carlota Pi is listed on BME Growth – focused on small and medium-sized companies –. On July 17, the last day it operated, it closed with a share price of 0.826 euros.
Paid with own funds
The company led by Carlota Pi has made the payment of the outstanding invoices "thanks to the company's own business operations, without the need for external financing, capital increases or contributions from partners", it detailed this Monday. At all times it defended that the file responded to a "one-off" episode, and not to structural difficulties.
The invoices that led to the opening of the governmental file amounted to 4.4 million euros. According to Holaluz, there was a "discrepancy" between the parties regarding the "enforceability" of the invoices.
Renewables that are listed
BME Growth had previously suspended Holaluz's listing. In May 2024, the stock market operator delisted it because it did not submit the audit for the last fiscal year on time, during which the Catalan company laid off about 200 people in an Employment Regulation File (ERO). At the same time, BME also suspended the listing of SolarProfit, based in Llinars del Vallès, which filed an ERO to dismiss 90% of its employees.
Renewables and self-consumption surged due to the increase in electricity prices caused by the war in Ukraine – which made investment more profitable – and public subsidies. At the end of 2022, installations grew by more than 2,000% compared to three years earlier. However, when prices normalized to historic lows, self-consumption lost appeal and renewables fell by almost 50%.
The business downturn was also reflected in stock prices. The share of the Andalusian company Greening Group is valued at 2.12 euros, compared to 4.92 euros at its stock market debut in 2023. Similarly, the share of the Catalan company Enerside Energy has gone from 4.92 euros in March 2022 to closing this Monday with a valuation of 0.402 euros. Currently, SolarProfit remains off the market: it was again delisted at the end of April, once more, for failing to submit its annual accounts.