Spanish PV Developer Planning IPO

Spain’s Solarpack Seeks To Raise €100 Million With Initial Public Offering To Use Proceeds For Acquiring 13 MW Of Operating Assets In Spain & Further Development Of 2.9 GW Pipeline
02:53 AM (Beijing Time) - 07. November 2018
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Solarpack says it has developed 529 MW of solar power capacity in 6 nations, and has equity interests in 11 projects located in Spain, Chile, Peru and India. It now wants to use the proceeds it raises from the planned IPO to further develop its 2.9 GW pipeline of future projects globally. (Photo Credit: Solarpack)

Key Takeaways

  • Solarpack has announced plans to launch an initial public offering
  • It wants to raise €100 million both within and outside of Spain
  • The proceeds will be used to acquire 13 MW worth of operating assets in the country, and to also further develop its 2.9 GW project pipeline globally
  • Among other projects, this pipeline comprises projects in Chile, Spain and India

Spanish solar power project developer Solarpack is planning to launch an initial public offering (IPO) to raise €100 million ($114 million) targeting investors both inside and outside of Spain. Proceeds from the IPO will primarily be invested in the execution of its 510 MW contracted backlog, to acquire 13 MW of operating assets in Spain and also to further develop its 2.9 GW pipeline of future projects worldwide, it said.

Some of these projects include Granja project in Chile, Monclova and Grullas plants in Spain and KA2 project in India.

Solarpack wants to apply for admission of its shares on the Spanish Stock Exchanges and on the Automated Quotation System or Mercado Continuo of the Spanish Stock Exchanges. The offering will comprise new ordinary shares

As of September 30, 2018, Solarpack says it had equity interests in 11 state-of-the-art solar PV power projects in Spain, Peru, Chile and India with a cumulative capacity of some 252 MW, and that its geographic footprint is spread across Europe, North America, Latin America, Asia and Africa, having developed 529 MW in 6 nations.

“Beyond 2019, Solarpack intends to continue increasing its portfolio of operating assets crystalizing its pipeline of additional projects. This offering will be instrumental for the growth of the Company’s operating assets base, welcoming new shareholders in this fully primary capital increase,” said CEO Pablo Burgos.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani