Solarpack to Launch $114 million IPO to Raise Capital for its Business Plan

Spanish company, Solarpack, intends to proceed with an initial offering of its ordinary shares to qualified investors inside and outside Spain. The company expects 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.
Solarpack to Launch $114 million IPO to Raise Capital for its Business Plan
Isla Mayor PV Plant (Solarpack)

The approximately €100 million ($114 million) offering is 100 percent primary and the gross proceeds obtained will be primarily invested in the execution of its 510 MW contracted backlog, in the acquisition of 13 MW of operating assets in Spain, and to further develop its 2.9 GW pipeline of future projects worldwide

Headquartered in Getxo, Spain, Solarpack has been active since 2005 and has a diversified geographic footprint across Europe, North America, Latin America, Asia and Africa, employing 127 people in 10 countries as of September 30, 2018. As of that date, Solarpack had equity interests in 11 solar PV power projects located in Spain, Peru, Chile and India with a total capacity of approximately 252 MW (of which 128 MW were attributable to its proportional equity interests in such projects).

Pablo Burgos, Chief Executive Officer of Solarpack, said, “Solarpack has grown in a very solid, diversified and profitable way from its inception in 2005. Aside from our current operating assets, in the past few years the company has built up an attractive backlog of contracted projects totaling 510 MW to be built in the coming months in Spain, Chile and India.”

Burgos continued, “Today, solar PV has become the leading technology in newly installed electric power worldwide. Solarpack offers to investors in capital markets a specialized vehicle to take part in the growth story of this leading technology.”

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