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Solarpack divests 100 MW of solar projects in Spain

Solarpack Corporacion Tecnologica SA completed the sale of two solar projects in Spain to Bruc Iberia Energy Investment Partners.

The two 50-MW power plants currently under construction in the Extremadura region carry an estimated investment cost of €65 million. They have secured project financing from Banco Sabadell, according to a Jan. 15 company news release.

The facilities are expected to reach full operation in the third quarter of 2020 and, once online, will generate enough power for about 40,000 homes. Their output will be sold under a power purchase agreement.

The shareholders of Bruc Iberia Energy Investment Partners include Juan Béjar, OPTrust and Green Investment Group. Bruc Management, also led by Juan Béjar, advised and managed Bruc Iberia Energy Investment Partners. Macquarie Capital acted as financial adviser.

Following the sale, Solarpack will continue to manage the projects through construction and operation.