Spanish solar power company Solarpack will be joined in by Igancio Artázcoz as the company's new executive chairman from February 15, 2020 after his appointment was cleared by the firm's board of directors. He will come in as current Chairman, main shareholder and Co-founder of the company José Galíndez will take over as the vice-chairman of the board of directors and as chair of the new strategy and investment committee.
This is, however, not a new appointment for Artázcoz since he has been with Solarpack from August 2018 as a director. He was appointed as the vice chairman of the board of directors in January 2019, a post which now Galíndez will fill in.
Artázcoz will will share executive tasks with company Co-founder and CEO Pablo Burgos. "With these measures, Solarpack's board of directors secures the successor of its chairman and at the same time reinforces the executive management with the full-time capacity of an energy sector executive with a successful track record growing companies," explained the management.
Before joining Solarpack, Artázcoz served as the chief financial officer (CFO) of CIE Automotive, Gamesa and Nortegas.
Among other management changes introduced by Solarpack, Begoña Beltrán de Heredia will also take over as the chair of the audit committee in addition to her membership on the appointments and remuneration committee. Additionally, Gina Domanig will be appointed as the new member and chair of the appointments and remuneration committee, member of the audit committee and member of the new strategy and investment committee.
Solarpack wants to increase its number of directors to eight, get a new independent director and also appoint a new lead director among the independent directors, which it plans to propose to its 2020 AGM.
Bruc Iberia forays into Spanish solar market
Last week the company announced selling two 50 MW under construction solar power plants in Spain to renewable energy investment fund manager Bruc Iberia Energy Investment Partners for an undisclosed sum. Representing a total investment of €65 million ($72 million), the two facilities have secured project finance from Spanish bank, Banco Sabadell and have a PPA in place. These projects are expected to come online in Q3/2020.
This investment is the first Bruc Iberia Energy has made in Spain. Bruc Iberia Energy is owned by Juan Béjar, OPTrust and Green Investment Group.
The solar power developer started the year with the news of expanding its clout overseas with a 21-year PPA secured in Malaysia for 116 MW PV capacity (see Solarpack Secures 21-Year PPA In Malaysia).