May 10, 2021

Solarpack debuts on the stock market with a rise of more than 12%

Solarpack debuts on the stock market with a rise of more than 12%

The Bizkaian company Solarpack, dedicated to the construction and management of photovoltaic parks, has debuted today on the stock market with a rise of 12.28% with respect to its starting price, a percentage that has exceeded 15%, although at 1:00 pm the revaluation remained at 7.47%.

When starting to quote at noon, the shares of Solarpack have marked a price of 9.32 euros, more than one euro above the 8.3 euros set for his debut in the parquet.

The starting price was in the low range of the fork established when the placement was announced, which went from 8 to 10.3 euros per title.

Solarpack, a young company of 13 years, has taken stock for 100 million euros, expandable to 110 million, representing 36.7 percent of the capital, which will continue to be controlled by the founders and managers of the company, which they have also invested 5 million in this market outlet.

The new shares have been subscribed, as explained at a press conference in Bilbao by the heads of Solarpack, by Spanish and European funds with a vocation for long-term permanence and in a "very distributed" manner, without any "preponderant" investor.

With this capital, Solarpack will finance the construction and management of the 510 megawatts (MW) it has in its portfolio, which will involve a total investment of some 300 million euros, of which the Biscayan company will contribute about 200 for the parks that it will operate. the other one hundred million are clients for those who build the photovoltaic parks in the turnkey modality.

The president and CEO, José Galíndez and Pablo Burgos, respectively, have explained that the company will not distribute dividends until it reaches its own electricity generation capacity of 1 gigawatt (GW), which they hope to achieve within a period of about 3 to 5 years.

"Then we will have the capacity to finance growth and a certain distribution of dividends," said Galíndez, although he has qualified that it is "difficult to foresee the dividends" that will be distributed.

He assured that Solarpack will maintain its philosophy of "profitable growth" and explained that each photovoltaic park has been built with bank financing of 75/80 percent and 25/30 percent of own resources.

The 510 MW that they have in the order book, of which 211 are Spain and 100 of them awarded in auction to Solarpack itself, will involve the installation of some 1.5 million solar panels of standard size.

According to its managers, Solarpack has been profitable since its foundation in 2005 and in the last three years it has had an accumulated net profit of 28 million euros.

In these thirteen years, the company has installed 529 MW in 10 countries (Spain, the United States, Colombia, Peru, Chile, Uruguay, South Africa, India, Malaysia and Vietnam), of which it operates, together with local partners, 11 plants with 262 MW in Spain, Chile, Peru and India.

The company has 127 employees and, in addition to operating its own photovoltaic plants, it also builds or manages them for third parties.

The main objective of the flotation is to "finance the growth" of the company, which until now has been based on the reinvestment of the profit and the rotation of assets.

Galíndez has assured that photovoltaics is below the average price of the wholesale market and that it has even become the "cheapest" energy, so it has "a growing market", even in mature energy markets like the European for the need to replace fossil fuels.


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