The company said in a bourse filing it was postponing the deal, in which it was looking to raise around 375 million euros ($450 million) “in view of the unstable conditions in markets in general, and for renewable energy companies”.
Orders for the stock had been coming in slowly, a source familiar with the matter told Reuters, adding the company still wanted to go public in future, but had not set a new date.
Shares had been expected to start trading on May 7.
The decision was taken after fellow Spanish renewable energy developer Ecoener’s stock plunged 15% on its first day trading on Tuesday. The size of that IPO was slashed due to limited demand.
Bigger peers Solaria and Neoen have both lost more than 30% in market value this year.
The smaller deals were expected to be a precursor to much larger ones in the sector, starting with the sale of shares in industrial group Acciona’s energy unit, which could value the unit at up to 8 billion euros.
Led by Luis Cid, who previously worked at wind power giant Iberdrola, Opdenergy runs 13 solar parks and one onshore wind farm, with projects in Spain, Britain, Chile, France, Italy, Mexico, Poland and the United States.
The company sought alternative sources of funding even after formally declaring its intention to list, and hired Spanish bank BBVA to underwrite 500 million euros in debt to help finance plans to add 3.7 gigawatts of capacity to its current 580 megawatts by the end of 2026.
Citi and Santander were coordinating the deal, while Alantra, Bank of America, Berenberg and RBC Capital Markets were bookrunners.
Rothschild & Co and Evercore advised the company. $1 = 0.8333 euros Reporting by Isla Binnie. Editing by Stephen Coates and Mark Potter