(AOF) – Vergnet announced the signing, on September 23, 2022, of a financing agreement in OCABSA. The specialist in the production of renewable energies will be able to obtain financing from Negma Group Investment, through a dilutive drawdown financing program that can reach a maximum nominal amount of 100 million euros. This financing agreement would enable the implementation of its 3R Plan based on 3 objectives: restructuring, deployment, acquisition.
Vergnet gave an update on his current situation, calling it tricky. The group anticipates a significant drop in its net income as of December 31, 2022 compared to the communications made at the start of 2022. Quantified and precise information will be provided by the company when publishing its half-year results on October 31, 2022.
This situation is mainly due to several factors. Vergnet cites the cost of the many ongoing disputes which, for the most part, predate the approval of the recovery plan by way of continuation on March 6, 2018. They make it difficult to clear its liabilities. The company also mentions insufficiently robust project risk management, excessively high structural costs, the absence of new markets, insufficient development of new products and an inability to anticipate difficulties. Finally, he highlights the national and international context marked by a global health crisis.
For Cyril Ledran, CEO of Vergnet appointed on July 4, 2022: “Vergnet’s situation today is critical from all points of view. What had been announced previously is objectively not achievable without hard work and a coherent vision. Significant financing is essential to clean up the balance sheet, meet deadlines, respect our operational commitments, reassure our financial partners and finally redevelop our technological and innovation lead which has made Vergnet famous”.
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Threat to the European energy system
The leading importer of German gas, Uniper posts 54% of the volumes it buys from Russia. Following the war in Ukraine, the group had to acquire the volumes it lacked on the spot market, the prices of which had exploded. In difficulty, he requested aid from the German state, which raises concerns for all European energy companies. Nevertheless the German RWE and the French Engie reacted by arguing that their situation was very different. RWE stressed that it was less dependent on Russian gas. As for Engie, it benefits from the diversification of its sources of supply, with an increase in the volumes of LNG delivered in France and contracts with Norway and Algeria. The group has also adapted its hedging strategy to strengthen its resilience.