Through this acquisition, Solarpack incorporates a portfolio of projects under development of 2.8 GW in Spain and Italy
Solarpack completes the acquisition of Solaer's business in Spain and Italy, a company specialising in the development, construction and operation of solar photovoltaic power plants. With this transaction, Solarpack takes a further step in its strategy of growth and consolidation as an integrated solar photovoltaic platform with global reach.
This purchase, which has already been approved by the National Commission for Markets and Competition in Spain (CNMC), is Solarpack's first corporate inorganic transaction following its acquisition by Swedish investment fund EQT in December 2021. With this acquisition, Solarpack adds to its platform a highly qualified team of professionals operating in Spain and Italy that complements Solarpack's skills, as well as a network of offices and operation centres in regions where it had no presence to date, including the Italian market, where Solaer has an established professional base and a significant portfolio under development.
The team will be integrated into Solarpack to execute Solaer's pipeline of 2.8 GW in Spain and Italy. With this deal, in line with its corporate purpose of "accelerating the transition towards clean and affordable energy for all", Solarpack takes a decisive step towards achieving its ambitious growth target set out in its 2026 strategic plan.
Pablo Burgos, CEO of Solarpack, said: "We are very pleased to bring on board a team with differentiated capabilities and a strong portfolio of assets that reinforce our strategy of building a diversified, robust and global solar energy PV platform. We will continue to explore selective opportunities that can generate additional value for our shareholders, as well as accelerate the energy transition."
Solaer's management said: "We believe that Solaer has chosen a first-class partner, which will allow us to grow in an expanding but increasingly competitive market. Solaer and Solarpack teams, with their extensive experience in the industry, together with the support of EQT, will be able to achieve any goal."
The deal is fully financed by funds provided by Solarpack's shareholders.