Spain: Solarpack closes EUR 94 million debt restructuring for 5 PV parks

Marking an achievement in a solar market riddled with retroactive policies and bizarre taxes, Solarpack has signed a number of different agreements to restructure €94 million worth of debt relating to five solar PV parks throughout Spain.

The five parks in question are: Isla Mayor (8.4 MWp) and Lebrija (3.8 MWp), in Seville, refinanced by Santander and the ICO; Guijo de Coria (6. 2 MWp) in Caceres, refinanced by Banco Popular; and Llerena 1 (4.8 MWp) and Llerena 2 (4 MWp) in Badajoz, refinanced by CaixaBank, Banc Sabadell, Banco Popular and the Banco Portugués de Investimento (BPI).

"After the Government’s detrimental measures related with the renewable energies, the large part of the photovoltaic parks in Spain find themselves with complicated financial situations," commented company CEO, Pablo Burgos. "This long refinancing process has made possible the financial viability of the parks we have constructed and manage in Spain."

Solarpack has six solar PV projects in Spain totaling 34.6 MWp. It has also commissioned 62 MWp in Peru and 37 MWp in Chile. The company is particularly active in the latter market, and recently won 20 year contracts to supply 110 GWh via its subsidiary, Amunche Solar SpA, under the country’s second energy auction. Solarpack’s bid came in at $65/MWh. To achieve this, Amunche will build a 55 MWdc PV plant, which must be completed by January 1, 2017.

Overall, the company manages a 1.3 GW pipeline in Chile, India, Uruguay, Panama and South Africa.