Solarpack, the Spanish multinational large-scale solar photovoltaic project development, construction and operations specialist, successfully completed a share placement last December. This important milestone, achieved despite the extremely difficult market conditions, will give the company the financial muscle to grow, expand the use of solar energy worldwide, invest and contribute to the social developments of the communities and markets in which it operates. Societe Generale acted as Global Coordinator of this transformational deal for the company.

Based in Getxo, Spain, Solarpack started operating in 2005, developing, building, financing and managing large-scale solar photovoltaic projects with a presence in fast-growing markets across Europe, North America, Latina America, Asia and Africa. With a solid track record since its inception, it has an operation portfolio of 252 MW and over the years it has developed 529 MW.  The company, family owned, has over 120 employees and is present in 10 countries.

The share offering, which represented 36,7% of the companies’ capital, was comfortably oversubscribed despite adverse market conditions. 48 IPOs were canceled in Europe last year, yet Solarpack’s project attracted the attention of Spanish and international investors resulting in a successful placement with a high quality and diversified shareholder base. An important accomplishment that gave the company 110 million euros in new financial reserves.

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