May 20 (Renewables Now) - Solarpack Corporacion Tecnologica SA (BME:SPK) has agreed to purchase a 90.5% stake in two solar photovoltaic (PV) projects in southern Peru for USD 51.5 million (EUR 46.2m) to bring its ownership to 100%.
The purchase agreement with Tawa Solar Fund LP and other unnamed partners will be closed in the next four months, the Spanish solar firm said Monday. Before this acquisition deal, Solarpack held a 9.5% stake in the two special purpose vehicles that control the assets.
The projects, Tacna Solar and Panamericana Solar, have a combined capacity of 43 MW. Solarpack partnered with Spanish engineering firm Gestamp Asetym Solar, later renamed X-Elio SL, to develop and build the farms in 2012.
The projects were granted a power purchase agreement (PPA) in US dollars with the Peruvian energy ministry in the country’s first renewable energy auction in 2010. The PPA has about 13 and a half years until it expires.
Solarpack has signed a bridge loan agreement for USD 30 million in order to partially finance the acquisition. The firm said it would consider bringing in a minority partner, among other strategies, to amortise the loan.
(USD 1.0 = EUR 0.9)