Solarpack will expand capital with an IPO before the end of the year | Markets

Solarpack will expand capital with an IPO before the end of the year | Markets



The market contains encouragement for the stock market storm of recent weeks to pass soon. In this impasse, which took Cepsa's IPO and reduced the placement of Árima, which opens today, some companies have almost everything ready to go public as soon as conditions improve.

One of them is Solarpack, a Basque photovoltaic company that expects to place up to 25% of its capital in the Spanish Stock Exchange. It will do so with an extension before the end of the year to finance its new projects if all goes well.

The company has signed Société Générale, JB Capital and CaixaBank as placement banks of the operation, according to financial sources. Five days. At the moment they work on a valuation of less than 400 million for 100% of the company. Which would reduce the amount that the company intends to sell on the stock market to about 100 million. Approximately the same amount that Arima has placed, after its president, Luis Lopez de Herrera-Oria, reduced the placement from the 300 million foreseen entry.

The plans of Solarpack go through to debut in the Stock Exchange through a capital increase. Already in its 2017 accounts, the last ones deposited in the mercantile register, announced its intention to carry out an operation of this type during 2018. However, it is also on the table that the Basque entrepreneurs who launched it take the opportunity to collect capital gains. Founded in 2005, its capital is distributed among its executives and architects. Among which stand out the current president, José Galíndez, and the CEO, Pablo Burgos. They do so through the Beraunberri and Burgest 2007 societies.

Almost 15 million in dividends since 2015

Photovoltaic energy Solarpack develops, finances, constructs, operates and manages photovoltaic solar generation parks. It is in Spain, Chile, Peru, Uruguay, Colombia, USA, South Africa, Malaysia and India. It has launched more than 250 megawatts in different countries. Solarpack also manages customer installations that add an additional power of more than 330 megawatts.

Results Its turnover amounted to 17.4 million euros in 2017, 53% more than in the previous year, with an operating result of 6.2 million euros, a 200% higher. The result amounted to 5.4 million euros, more than double the 2.5 million that was recorded in 2016. Its staff at the end of 2017 was 37 people.

Retribution Between 2015 and 2017 Solarpack distributed 14.9 million euros. The company, created in 2005, explains that in 2013 and 2014 it did not distribute any remuneration. In 2014, it merged with Solarpack Inversiones y Promociones.

In recent months, the founding team repurchased the 6.2% it transferred to Ardian in 2016. This French fund came in at the same time that it bought the Basque company four photovoltaic plants in Chile and Peru for 31 million. The agreement already included a clause by which Ardian reserved an option to sell its securities, which this fund has finally decided to exercise.

Solarpack goes to the market to finance its expansion plan. In his last accounts he already planned as the main objectives for this exercise the start of the construction of the projects awarded in Chile and India, which then added a power of more than 250 megawatts. In May, another contract was awarded in the Asian country.

Solarpack also aims to begin construction in Spain of the projects awarded by the Ministry of Industry in last year's auctions. Also the consolidation of its presence in the US and Colombia. Financial sources indicate to this newspaper that, if a new stock market storm closes the access to the market again, Solarpack will resort to other sources of financing.

Preliminary assessments of investment banking represent a quantitative leap with respect to the capital increase in September 2016, which meant the entry of Ardian into its shareholding. It issued 26,650 new titles to about 196 euros each. This meant assessing the company at 83.6 million euros, for a total of 426,650 company shares at the end of last year.

The debut of Solarpack will coincide with a particularly sweet moment for companies in the orbit of solar energy, especially after the arrival of the new government shows a tendency more prone to renewables.

Solarpack will try to emulate the success of France's Neoen, which went public on October 17 to expand capital for 450 million euros and continue its growth in solar and wind, with projects totaling two gigawatts in Australia and Latin America It came out at a price of 16.5 euros per share and yesterday closed at 17.6, so that it revalues ​​6.7% and adds a capitalization close to 1,500 million euros.

The stars of the Spanish Stock Exchange in 2018 are the companies dedicated to renewable energies, such as Audax, which shoots up 215.9% and has a capitalization that approaches 200 million euros, and Solaria, which is worth 445 million and goes up more than 118%. KKR, on the other hand, is looking for a buyer for X-Elio and values ​​the firm in more than 1,200 million.

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