Solarpack closes the debt restructuring of its photovoltaic solar parks in Spain

Spain's Solarpack, a company that develops and builds photovoltaic solar parks, has closed the debt restructuring of 27.2 MW of 5 photovoltaic solar parks in Spain. The different agreements signed with the financial entities amounted to €94 million.

The five projects this process makes reference to are: Isla Mayor (8,4MWp) and Lebrija (3,8MWp), both in Seville, refinanced by Santander and Spain's Instituto of Credito de oficial (ICO); Guijo de Coria (6,2MWp) in Caceres, transaction performed with the Banco Popular, and Llerena 1 (4,8MWp) and Llerena 2 (4,0MWp) in Badajoz, whose debt has been restructured through a pool of four banks: CaixaBank, Banc Sabadell, Banco Popular and the Banco Portugués de Investimento (BPI).

Pablo Burgos, CEO of Solarpack, commented that “after the Government’s detrimental measures related with the renewable energies, the large part of the photovoltaic parks in Spain find themselves with complicated financial situations. This long refinancing process has made possible the financial viability of the parks we have constructed and manage in Spain.

The closure of this process demonstrates the confidence that the banks and credit institutions have in Solarpack”. Solarpack is committed to its expansion to new markets in Latin America and in the Asia - Pacific region, executing photovoltaic projects orientated both at power consumption of populations as the electric supply for large companies.

The company, pioneer in the countries sector, has 6 projects in Spain with a total installed power of 34.6 MWp.

Currently Solarpack manages a pipeline of projects of 1304 MW distributed among, Chile, India, Uruguay, Panama and South Africa. The company has commissioned and managed 34.6 MWp on 5 sites in Spain and 37 MWp in Chile and 62 MWp in Peru.