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Solarpack divests Peruvian solar stake to Ardian

Spanish solar developer Solarpack Corporacion Tecnologica S.A. has signed an agreement with a renewables investment fund managed by French private equity investor Ardian to help fund two solar energy projects in southern Peru.

Solarpack will remain the majority owner of the Tacna Solar and Panamericana Solar projects, which it acquired sole control of on Sept. 10, and Ardian will obtain a 49% stake. This will allow Solarpack to repay a $30 million bridge loan and raise further capital.

Solarpack says it expects to close the sale during the first quarter of 2020. The final purchase price will be determined in part by the operating results of the projects until the end of this year.

The power plants, which Solarpack developed and built in 2012 with Gestamp Asetym Solar, now X-ELIO Energy S.L., have a total combined installed capacity of 43 MW. Long-term power purchase agreements are in place with the Peruvian energy ministry, with over 13 years remaining.

Solarpack and funds managed by Ardian are co-investors in two other solar projects in Chile and Peru since 2016, in which Ardian holds an 81% stake.