Solarpack closes stake purchase in 43 MW of Peruvian PV farms

Solarpack Corporacion Tecnologica SA (BME:SPK) has become the sole owner of 43 MW of solar capacity in southern Peru after finalising the purchase of a 90.5% stake in the special purpose vehicles that control the two photovoltaic (PV) parks.

The acquisition closed for USD 51.5 million (EUR 46.7m), which the Spanish solar company partially financed with a USD-30-million bridge loan obtained from Banco Santander SA (BME:SAN). Previously owning 9.5% in the SPVs, Solarpack bought the remaining shares from Tawa Solar Fund LP and other unnamed partners.

The two solar farms, Tacna Solar and Panamericana Solar, were built by Solarpack and Gestamp Asetym Solar, now X-Elio SL, in 2012. Both solar farms were awarded long-term power purchase agreements (PPAs) in US dollars with the Peruvian energy ministry in Peru’s first renewable energy tender in 2010. The power plants have more than 13 years left under their PPAs.

(USD 1.0 = EUR 0.91)

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