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Solarpack reinforces its leading position in the solar PV market though the acquisition of Solaer

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Solarpack has reached an agreement with the shareholders of Solaer Holding, S.L. for the acquisition of 100% of the Company

Solarpack Corporación Tecnológica, S.A.U ( “Solarpack”) has signed a share purchase agreement for the acquisition of 100% of Solaer Holding, S.L (“Solaer”). The value of the transaction has not been disclosed. The closing of the acquisition is expected to materialize before year end and once the customary approvals for this type of transaction are granted.

Though this acquisition, Solarpack complements its own organic growth in Spain and Italy reinforcing its leadership position as a global PV player. Founded in 2006, Solaer has an advanced portfolio of projects of more than 2.8GW in Spain and Italy and a highly-qualified team that complements Solarpack’s skills with the goal of accelerating the ambitious growth plan of the group.

The transaction is fully financed with funds provided by Solarpack’s shareholders.

CaixaBank, Linklaters, KPMG and DNV have acted as advisors to Solarpack.

Nomura and Ramón y Cajal have acted as advisors to Solaer.

Pablo Burgos, CEO of Solarpack stated: “This is a transformational move for Solarpack to lead the consolidation of the sector in Spain and reinforce our position as a sizeable global player with the support of our shareholders”. Regarding Solaer, Mr. Burgos highlighted that “It is a reference player in the industry with a solid track record and a high-quality team. The acquisition brings together two companies tightly aligned and should result in major opportunities to grow, not only in Spain and Italy, but also in other geographies”.

Ignacio Arganza, CEO of Solaer commented “The combination of Solaer with a large player is a natural step in the life of the business to address  the huge opportunity in the renewable arena. We have chosen the right partner given Solarpack’s credibility in the market, its ambitions to lead the consolidation in the sector and the strategic fit with Solaer”.