The Spanish PV project developer is currently seeking ways to finance its solar project pipeline in India, Chile and Spain. Although the rumors have not been confirmed, listing on the Madrid Stock Exchange may be a option.
“Solarpack has been awarded energy contracts in recent months, in different auctions in Chile, Spain and India. The company is working on different financing options for the construction of these projects. In this sense, the company has nothing more to add at this time.”
With this statement, the press office of the Spanish solar developer responded to pv magazine’s request to confirm rumors on a possible listing of Solarpack on the Spanish stock exchange.
These rumors had been previously published by Spanish newspaper, El Independiente, which reported – citing sources close to the matter – that U.S.-based investment banking firm, Greentech Capital had been hired to choose the banks that will coordinate the operation through the selection process. The article indicated that Catalonia-based CaixaBank and French financial services provider, Société Générale are two possible candidates.
The article also said that the listing may be finalized between October and November, and that Solarpack may capitalize between €200 million and €300 million through the operation.
The Spanish company secured financing for its PV projects pipelines in Chile and India in April. At the time, it was awarded funds totaling $35 million by a group of unspecified Chilean banks for three distributed generation solar projects. Furthermore, Solarpack received $69 million from an unnamed Indian financial entity for six projects in India.
The Chilean projects each have a capacity of 10.2 MW and are located in the Chilean Atacama Desert, while the Indian pipeline is comprised of six plants totaling 104 MW, all of which will be located in the state of Telangana.
The company currently owns and operates over 150 MW of PV capacity in Spain, Chile, Peru and Uruguay. Furthermore, Solarpack manages a portfolio of more than 1.2 GW of projects in several countries.
Source PV Magazine