Española Solarpack acquires two solar plants in Peru for more than US $50 million

The Spanish company Solarpack announced on Monday the purchase of two photovoltaic parks in southern Peru, built by the company itself, after an investment of US $51.5 million.

Solarpack said in a statement that it had acquired 9.5% of these two projects and has now signed the agreement for the remaining 90.5% of Tacna Solar Fund and the rest of the partners.

The acquisition agreement was valued at US $51.5 million and for which it has subscribed a loan for US $30 million.

It is expected that the purchase agreement will be closed in the next four months.

Solarpack will keep open the possibility of adding a minority partner to the photovoltaic plants, called Tacna Solar and Panamericana Solar, to finance the operation.

The two plants have signed agreements with the Government of Peru for the sale of the electricity generated during the next 13.5 years.

In 2018, both plants had a gross operating result (Ebitda) of US $21 million and a net financial debt as of February 28, 2019 of US $113 million.

Solarpack explained that this operation accelerates its growth plan in the strategy of acquiring assets with “attractive” returns and creating value for operational and other synergies.

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