Solarpack to acquire Spanish PV developer

• Solaer Holding has a 2.8 GW pipe of projects in Spain and Italy

Solarpack Corporacion Tecnologica has authorized a share purchase arrangement to get Solaer Holding, which has a 2800MW pipeline of solar projects in Spain and also Italy.

The closing of the acquisition is anticipated to materialise before year end as well as soon as normal approvals are given.

The deal amount is undisclosed.

The transaction is completely funded with funds provided by Solarpack's shareholders.

Though the purchase, Solarpack means to complement its very own natural development in Spain and Italy enhancing its management setting as a worldwide solar player.

Solaer's "highly qualified" group will certainly complement Solarpack's skills with the goal of accelerating the ambitious growth strategy of the group, the firm stated.

Pablo Burgos, CEO of Solarpack, claimed: "This is a transformational move for Solarpack to lead the combination of the field in Spain and also strengthen our placement as a sizeable worldwide gamer with the assistance of our shareholders.

" The purchase brings together 2 companies tightly lined up and also need to cause major possibilities to expand, not just in Spain and Italy, yet likewise in other geographies".

Ignacio Arganza, CEO of Solaer, added: "The combination of Solaer with a huge player is an all-natural action in the life of business to address the substantial opportunity in the renewable arena.

" We have actually selected the right companion given Solarpack's credibility in the market, its passions to lead the combination in the market and the strategic fit with Solaer."