Greentech Advises


Greentech Advises Solarpack on its Initial Public Offering
December 4, 2018

Greentech Capital Advisors is pleased to announce the following transaction:
Exclusive financial advisor on its initial public offering

€100,000,000December 2018

CLIENT OVERVIEW

Solarpack Corporación Tecnológica, S.A. (“Solarpack”) (BME: SPK) is an international pure solar photovoltaic (“PV”) independent power producer (“IPP”) focusing on the development, construction, financing and operation of utility-scale solar PV power plants. Founded in 2005 and headquartered in Getxo, Spain, Solarpack is present in 10 markets and has successfully developed 529 MW in 6 different countries.

TRANSACTION OVERVIEW

  • On December 3, 2018, Solarpack announced that the final price of the offering of its shares to qualified investors, both in Spain and in other jurisdictions, had been fixed at EUR8.30 per share, representing an initial market capitalization of EUR266 million.  It is expected that the shares of the company will be admitted to trading on the Stock Exchanges of Madrid, Barcelona, Bilbao and Valencia on December 5, 2018, and will start trading on the same date
  • As part of the IPO, Solarpack issued approximately 12 million new shares representing 37.6% of the issued share capital for a total capital raise of EUR100 million.  The number of shares comprised in the offering may be increased by approximately 1.2 million additional shares (equivalent to 10% of the number of initial shares of the offering).  Upon settlement of the offering, the company’s principal shareholders will hold 64.3% of its issued share capital (or 62.0% if the over-allotment option is fully exercised)
  • 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

Solarpack is 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.

The CEO of Solarpack will ring the bell and inaugurate the IPO on December 5, 2018 at 12:00am CET at the Bilbao Stock Exchange.

Greentech Capital Advisors acted as exclusive financial advisor to Solarpack.

The transaction press release can be found here.

For additional information about this transaction, please contact:

Diego Pignatelli
Partner
+39 33 518 32 105
Diego@greentechcapital.com

Laurent Dallet
Partner
+33 6 26 80 64 15
Laurent@greentechcapital.com

Enrico Zini
Vice President
+41 79 810 39 43
Enrico@greentechcapital.com

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