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Solarpack becomes sole owner of two solar power plants in Peru

Solarpack Corporacion Tecnologica SA has become the sole owner of the Tacna and Panamericana Solar power plants with the completion of a $51.5 million deal to acquire a 90.5% interest in the projects.

The company acquired the interests from Tawa Solar Fund LP and other project shareholders, according to a Sept. 10 news release.

Solarpack disbursed a $30 million bridge loan, granted by Banco Santander, to partly finance the acquisition. Solarpack is considering several options for the amortization of the bridge loan including the entry of a minority partner in the projects.

Solarpack developed the projects, totaling 43 MW, in Peru. Both plants have more than 13 years of remaining contractual life under their respective power purchase agreements with the Peruvian Ministry of Energy.

Tacna and Panamericana had a net financial debt of $113 million as of Feb. 28 and booked joint EBITDA of $21 million in 2018. Solarpack expects the EBITDA of its power generation segment to grow by approximately 63% with respect to 2018 pro forma EBITDA, according to a news release.