Spanish independent solar power producer Solarpack has confirmed its intention to be listed on the Spanish Stock Exchanges to raise capital for its business plan.
Although no deadlines were specified yet, the company said it intends to raise €100 million through the IPO. “The approximately €100 million offering is 100% primary and the gross proceeds obtained in the Offering 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,” the company said in its statement.
The company said it will initially use the funds for solar projects it is currently developing in Chile, Spain and India, as well as for other general corporate purposes.
Since its foundation in 2005, Solarpack has specialized in the construction of large-scale PV power plants and currently has a presence in Europe, North America, Latin America, Asia and Africa. As of September 30, 2018, the company employed 127 people in 10 countries (Spain, Chile, Peru, Uruguay, Colombia, the United States, South Africa, Malaysia, Vietnam and India) and had shares in eleven solar projects in Spain, Peru, Chile and India, with a total capacity of approximately 252 MW
“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 next coming months in Spain, Chile and India,” said the company’s CEO, Pablo Burgos.