Solarpack, the multinational large-scale solar PV project development, construction and operations specialist, began trading today on the Bilbao, Madrid, Barcelona and Valencia stock markets after a satisfactory share placement process. This initial ordinary share offering, which represents 36.7% of the company’s capital, gives Solarpack €100 million in new financial reserves, which could be extended by €10 million under a greenshoe clause allowing participating banks to buy additional shares at the offering price.
Solarpack was backed by a group of institutional and qualified national and international investors, with a high proportion of Spanish backers and specialist funds, in a brief placement process that was not affected by adverse market conditions.
Pablo Burgos, CEO, kicked off Solarpack share trading with a traditional ringing of the opening bell at the Bilbao Stock Exchange, and hailed the support investors had given this initial public offering. He said this support would be “important in giving the business the necessary strength for growth, diversification and project portfolio development, and to continue being a major player in the solar PV sector. We want to carry on with our solid and profitable growth strategy within a rapidly expanding industry. Solarpack’s stock market presence gives investors interested in solar PV technology a very attractive vehicle with which to get involved.”
Meanwhile company Chairman Jose Galíndez expressed his gratitude for the efforts of the company’s staff and management in achieving this important milestone and securing the support of investors, who he thanked for their confidence and with whom he said he hopes to maintain a long and fruitful relationship. He also praised the clients that have stayed loyal to Solarpack from the outset: “From our beginnings with solar PV projects in Extremadura and Andalusia, to our leap to the other side of the Atlantic with projects in Chile, Peru and Uruguay and our recent arrival in India and Malaysia, we have come a long way. Thanks to today’s important milestone, we are confident we will go much further.”
The funds from this ordinary share issue will be invested mainly in the execution of 510 MW of contracted projects, the acquisition of 13 MW of operational assets in Spain and the development of additional projects within a worldwide portfolio totaling 2.9 GW.
Regarding future dividends, Solarpack has adopted a policy of reinvesting benefits in the development of new projects, to drive the long-term growth of the company and increase its value to shareholders. Thus, Solarpack is not expecting to pay cash dividends on the shares during the first three to five years from the offering.
The company operates across three global divisions (Services, Energy Generation and Construction and Development) that provide a balanced combination of long-term recurring revenues, along with less regular, highly profitable activities.
Based in Getxo, Spain, Solarpack started operating in 2005, developing, building, financing and managing large-scale solar PV projects with a presence in fast-growing markets across Europe, North America, Latin America, Asia and Africa.
Over the years it has developed 529 MW in six countries. The company has 127 employees in 10 countries and is a shareholder in 11 state-of-the-art solar PV energy projects in Spain, Peru, Chile and India, with a total capacity of around 252 MW. Solarpack also operates and maintains 13 plants, totaling 160 MW, and provides asset management services for a total of 330 MW of owned and third-party projects.