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Solarpack inks deal to become sole owner of 2 solar facilities in Peru

Getxo, Spain-headquartered Solarpack Corporacion Tecnologica SA agreed to acquire a 90.5% stake in two solar projects that it developed in Peru.

Solarpack said May 20 that it will acquire the stake in the Tacna and Panamericana solar facilities from Tawa Solar Fund LP and the rest of the projects' shareholders for $51.5 million. The company already owns a 9.5% stake in the two projects.

Solarpack secured a $30 million bridge loan to partially finance the transaction. The company said it will consider several options, including involving the entry of a minority partner, for the amortization of the bridge loan.

The solar facilities have a combined installed capacity of 43 MW and are selling their output through a long-term contract with the Peruvian Ministry of Energy. Both projects also have long-term, nonrecourse project financing from the Overseas Private Investment Corp. and recorded a joint EBITDA of $21 million in 2018.

Solarpack said the deal is part of its strategy to selectively acquire operating assets that offer attractive returns and clear value creation opportunities from operational or other types of synergies.