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Solarpack appoints Leo Moreno as new CEO

By Comco

Pablo Burgos, current CEO and co-founder of Solarpack, will remain closely involved in Solarpack as a non-executive member of the Board of Directors

The sole shareholder of Solarpack Corporación Tecnológica, S.A.U. («Solarpack»), Veleta BidCo S.á.r.l., will appoint Leo Moreno as a new member of Solarpack's Board of Directors, effective July 7, and propose to Solarpack's Board his appointment as CEO. Leo is joining Solarpack to accelerate its existing growth strategy with the backing of EQT, the company's main shareholder. Leo Moreno will be taking over from Pablo Burgos, who co-founded the Company in 2005, has been CEO for the past 17 years and will remain closely involved in Solarpack as a non-executive Director.

Leo joins the company from AES, a leading power generation and distribution business with operations in four continents and strong focus in the US and Latin America, where he has spent most of his career. Since December 2020, Leo has been President of AES Clean Energy, AES’ renewable energy business unit in the US, which has more than 12 GW of contracted solar, wind and energy storage capacity. He previously held other senior roles at AES, including global SVP of Corporate Strategy and Investment, Chief Commercial Officer, and CFO of AES’ Europe business unit. Leo spearheaded the company's strategy towards a carbon-free future, with a shift in its business model towards customer-focused sustainable energy solutions, leading or working in projects in more than 20 countries throughout his career. Since becoming President of AES Clean Energy, the business grew from 400 to over 1,300 people, added 7 GW of renewables to its contracted portfolio, becoming the largest seller of clean energy to corporations globally, and expanded its project pipeline from 20 to 50 GW.

Pablo Burgos commented: “Solarpack is entering a new growth phase and a seasoned professional like Leo Moreno will add tremendous value. It is a privilege for me to hand over my role to such a highly reputed executive. I have the utmost confidence that his global experience in energy markets, his knowledge of renewables and leadership skills will help take Solarpack to the next level. I am also looking forward to continue contributing to the business as shareholder and non-executive Director.

Leo Moreno said: “I am very excited to join a leading independent global renewables platform like Solarpack to support its development. I was impressed by its track record of successfully entering numerous markets across the world and attracted by the company’s purpose to accelerate the transition to clean and affordable energy for all, so I can continue to work to leave a better planet for future generations but with impact on a global scale. I intend to use my experience to accelerate growth and broaden the company’s capabilities and technology focus to become one of the largest renewables independent power producers globally. I'm looking forward to working alongside the Solarpack team, the Board of Directors and EQT to replicate the results I helped achieve in the past.

Since Solarpack was founded in 2005 in Getxo (Spain), Pablo Burgos has successfully driven the company's growth, professionalization, and transformation in the domestic and global markets. It has secured a strong footprint throughout Europe, North America, Latin America, Asia and Africa and was recently recognized by ratings agency Sustainalytics as the world's most sustainable utility. Recently, the company has completed the acquisition of Solaer, integrating a portfolio of projects under development totaling 2.8 GW in Spain and Italy, and designed a Green Financing Framework to integrate its sustainability strategy into its financing policy.

About Solarpack

Solarpack is a multinational specializing in the development, construction, commercialization, and operation of large-scale solar PV projects with a presence in fast-growing markets in Europe, North America, Latin America, Asia, and Africa. Since its foundation in 2005, the company has developed or built on a turnkey or EPC basis power plants that represent a total capacity of 2.5 GW. The company has a project portfolio of 14 GW of projects across 14 countries, and currently operates 51 renewable projects totaling 1.7 GW through its own projects and through asset management service agreements across Europe, Latin America, and Asia. Headquartered in Getxo, Spain, Solarpack has a diversified geographical footprint and employs over 500 people in 10 countries.

About EQT

EQT is a purpose-driven global investment organization with EUR 119 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.