The company said in a stock exchange filing that it was postponing the deal, in which it sought to raise around 375 million euros ($ 450 million) “given the volatile conditions in the markets in general and for renewable energy companies “.

Orders for shares were coming in slowly, a source familiar with the matter told Reuters, adding that the company still wanted to go public in the future, but had not set a new date.

The shares were due to start trading on May 7.

The move came after stock in fellow Spanish renewable energy developer Ecoener plunged 15% on its first day of trading on Tuesday. The size of this IPO was reduced due to limited demand.

The larger peers Solaria and Neoen have both lost over 30% of their market value this year.

These smaller deals were expected to be the precursor to much larger deals in the sector, starting with the sale of shares in the energy unit of industrial group Acciona, which could value the unit up to 8 billion euros.

Led by Luis Cid, who previously worked for wind power giant Iberdrola, Opdenergy manages 13 solar farms and one onshore wind farm, with projects in Spain, Great Britain, Chile, France, Italy, Mexico, Poland and the United States.

The company has sought alternative funding sources even after officially declaring its intention to list, and has hired Spanish bank BBVA to underwrite 500 million euros of debt to help fund projects to add 3.7 gigawatts of capacity to its current 580 megawatts by the end of 2026.

Citi and Santander coordinated the transaction, while Alantra, Bank of America, Berenberg and RBC Capital Markets were bookkeepers.

Rothschild & Co and Evercore advised the company.