Solarpack Corporacion Tecnologica has signed a share purchase agreement to acquire Solaer Holding, which has a 2800MW pipeline of solar projects in Spain and Italy.
The closing of the acquisition is expected to materialise before year end and once customary approvals are granted.
The deal amount is undisclosed.
The transaction is fully financed with funds provided by Solarpack’s shareholders.
Though the acquisition, Solarpack intends to complement its own organic growth in Spain and Italy reinforcing its leadership position as a global solar player.
Solaer’s “highly qualified” team will complement Solarpack’s skills with the goal of accelerating the ambitious growth plan of the group, the company said.
Pablo Burgos, CEO of Solarpack, said: “This is a transformational move for Solarpack to lead the consolidation of the sector in Spain and reinforce our position as a sizeable global player with the support of our shareholders.
“The acquisition brings together two companies tightly aligned and should result in major opportunities to grow, not only in Spain and Italy, but also in other geographies”.
Ignacio Arganza, CEO of Solaer, added: “The combination of Solaer with a large player is a natural step in the life of the business to address the huge opportunity in the renewable arena.
“We have chosen the right partner given Solarpack’s credibility in the market, its ambitions to lead the consolidation in the sector and the strategic fit with Solaer.”