Case Studies

Initial Public Offering of Solarpack


  • On December 5, 2018, Solarpack Corporación Tecnológica, S.A. (“Solarpack”) (BME: SPK) began trading on the Spanish Continuous Market at a price of €8.30 per share (representing an initial market capitalization of €266mm)
  • As part of the IPO, Solarpack issued approximately 12mm new shares representing 37.6% of the issued share capital for a total capital raise of €100mm
  • The offering compromised a fully primary offering of new ordinary shares by the company and a primary over-allotment option of up to 10% of the offer size
  • Notwithstanding challenging market conditions, particularly for IPOs that have seen a high number of equity transactions postponed or withdrawn from the market, Solarpack has been able to generate strong interest among investors, in particular from Spain, to be able to complete the transaction


  • Solarpack is an international pure solar PV independent power producer, active in fast-growing energy markets with a project development pipeline across Europe, Latin America, Asia, and Africa
  • Since its inception in 2005, the company has developed solar PV power plants representing a total capacity of 529 MW, of which 190 MW have been built by Solarpack on a turnkey EPC (Engineering, Procurement and Construction) basis
  • The company currently generates energy through 11 projects totaling 252 MW across Spain, Chile, Peru, and India. In addition, Solarpack operates and maintains 13 plants totaling 160 MW, and provides asset management services for a total of 330 MW of own and third-party projects
  • Consistent with Solarpack’s strategy, the gross proceeds obtained in the IPO will be primarily invested in the execution of its 510 MW contracted project backlog, in the acquisition of 13 MW of operating assets in Spain, and used to further develop its 2.9 GW pipeline of future projects worldwide


  • Greentech acted as the exclusive financial advisor to Solarpack and was closely involved in all aspects of the transaction, during the early preparation of the transaction assisting with syndicate selection and appointment, coordination with advisors and counsel on PDIE (pension and disability insurance of the employees), roadshow, bookbuilding, investor outreach, and pricing
  • Greentech’s deep industry relationships, solar energy expertise and extensive transaction experience allowed Solarpack and its shareholders to correctly position the business among investors and syndicated counterparties
  • Greentech challenged the distribution banks’ marketing plans and investor feedback, and ensured competitive tension throughout the process to maximize value creation for Solarpack and its shareholders


  • This flagship transaction represents the predominance of solar PV as a mature and price-competitive power generation technology that continues to outpace all other sources in terms of annual capacity additions
  • The transaction provides validation of a fully integrated business model crystallizing value along the solar value chain, and demonstrates significant appetite from the equity capital markets for pure-play vertically integrated, independent renewable power producers

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