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Solarpack to expand the use of solar energy worldwide after a successful IPO

04/02/2019

Solarpack to expand the use of solar energy worldwide after a successful IPO

Solarpack, the Spanish multinational large-scale solar photovoltaic project development, construction and operations specialist, successfully completed a share placement last December. This important milestone, achieved despite the extremely difficult market conditions, will give the company the financial muscle to grow, expand the use of solar energy worldwide, invest and contribute to the social developments of the communities and markets in which it operates. Societe Generale acted as Global Coordinator of this transformational deal for the company.

Based in Getxo, Spain, Solarpack started operating in 2005, developing, building, financing and managing large-scale solar photovoltaic projects with a presence in fast-growing markets across Europe, North America, Latina America, Asia and Africa. With a solid track record since its inception, it has an operation portfolio of 252 MW and over the years it has developed 529 MW.  The company, family owned, has over 120 employees and is present in 10 countries.

The share offering, which represented 36,7% of the companies’ capital, was comfortably oversubscribed despite adverse market conditions. 48 IPOs were canceled in Europe last year, yet Solarpack’s project attracted the attention of Spanish and international investors resulting in a successful placement with a high quality and diversified shareholder base. An important accomplishment that gave the company 110 million euros in new financial reserves.

From our beginnings with solar photovoltaic projects in Extremadura and Andalusia, to our leap to the other side of the Atlantic with projects in Chile, Peru and Uruguay and our recent arrival in India and Malaysia, we have come a long way. Thanks to this important milestone, we are confident we will go much further

Jose Galíndez
Chairman

The initial public offering gives the business the necessary strength for growth, diversification portfolio development, and to continue being a major player in the solar photovoltaic sector. We want to carry on with our solid and profitable growth strategy within a rapidly expanding industry

Pablo Burgos
CEO of the company

The funds obtained will be invested mainly in the execution of 510 MW of contracted projects, the acquisition of 13 MW of operational assets in Spain and the development of additional projects within a worldwide portfolio totaling 2.9 GW. 

Solarpack’s plans will promote clean energy worldwide and contribute to the development of the markets in which it operates, not only through the execution of quality and valuable projects for society and the environment, but also through the generation of quality employment and the social projects the company promotes.

Committed with the eradication of extreme poverty in the world by the year 2030, Solarpack collaborates with many social initiatives and in 2017, by the initiative of its shareholders, it created the Eki Foundation to promote what they do best, the generation of clean electricity. They are convinced that economic growth is the most effective way out of extreme poverty and they firmly believe that the lack of basic infrastructure is the biggest obstacle to its development. Therefore, they work to remedy it and give priority to schools and health centers that do not have a stable and sustainable supply of electricity, wherever they are.

We are very proud to have been able to contribute with our knowledge as well as our financial and renewable energy expertise to this milestone achieved by Solapack. Their commitment to clean energy and their fight against poverty are values we endorse. The deal will be transformational for the company and was a success despite the adverse market conditions

Ricardo Samaniego
co-head of Corporate Finance for Societe Generale in Madrid