Spanish solar developer Solarpack has reached an agreement to acquire 100% of the shares of developer Solaer.
The acquisition will complement Solarpack’s organic growth in Spain and Italy and reinforce its position in those markets, while accelerating the company’s growth plans in other markets, it said.
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Founded in 2006 and based in Spain, Solaer currently has an advanced portfolio of more than 2.8GW solar PV projects in Spain and Italy.
Pablo Burgos, CEO of Solarpack, said: “This is a transformational move for Solarpack to lead the consolidation of the sector in Spain and reinforce our position as a sizeable global player with the support of our shareholders.”
Earlier this year, Solarpack launched a new business line through its click&go brand allowing customers to secure clean power directly from the firm’s solar assets under a remote self-consumption model.
The closing of the transaction is expected to happen before the end of the year, once all customary approvals have been granted.