ICP Solar signs letter of intent to buy Spanish firm Ibersolar in share purchase deal

October 21, 2008
Facebook
Twitter
LinkedIn
Reddit
Email

ICP Solar Technologies said today that it has signed a binding letter of intent to buy privately held Ibersolar Energía, a leading European manufacturer and supplier of solar photovoltaic systems, solar thermal systems, and absorption units with annual sales of approximately €120 million. Under the terms of the deal, ICP, a Montreal-based developer, manufacturer and marketer of solar panels, cell-based products, monitoring software, and power management solutions, will acquire 100% of Ibersolar’s shares.

“I am extremely pleased to announce the most important strategic decision in our company’s history,” said Sass Peress, chairman/CEO of ICP. “By acquiring Ibersolar, ICP will see a twentyfold increase in the size of its business and automatically become a recognized player in the burgeoning European market.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“Ibersolar brings with it excellent solar applications, established R&D, strong supplier relationships, and a substantial customer base that spans commercial, industrial, and government entities across the continent,” he continued. “We expect to realize distribution synergies and cross-fertilization of product lines immediately–particularly with regard to our Sunsei Wireless Greenmeters–and the acquisition is anticipated to be accretive to earnings within the first year of operation. Ibersolar will also be able to leverage our proprietary solar roof tiles for applications in Europe and elsewhere.”

The parties said that they have agreed and undertaken to enter into a mutually agreeable definitive share purchase agreement and any other documents necessary for the acquisition within six weeks of the signing of the letter, or as soon as practicable thereafter.

The closing of the deal is also contingent on financing by ICP of a minimum of $15 million on terms acceptable to both parties. A term sheet must be arranged before Dec. 15, 2008; a Form 8K filed with the SEC outlines additional terms, according to the companies.

The new company structure after the acquisition, but before the financing, will be owned 20% by existing ICP shareholders and 80% by existing Ibersolar shareholders on a fully diluted basis.

Read Next

Premium
October 17, 2025
According to Ronak Maheshwari of CRC-IB, there has been a struggle for US renewable power projects to secure necessary equity .
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 17, 2025
A group of over 20 US states are suing the Trump administration for the cancellation of the US$7 billion Solar For All Scheme.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
T1 Energy and Nextracker have agreed to use the latter’s steel module frames at the former’s new 5GW module manufacturing facility in Dallas.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK