- Author: Mona Ghobadi
- Keywords: Solar energy, Power and renewables, Corporate energy users, Governments, Manufacturers, Renewables developers, Renewables financiers, Utilities
GETXO, Spain - 27 February 2019 – DNV GL, the world’s largest independent energy advisory and certification body, has successfully completed a technical due diligence of 24 solar projects for the independent solar PV power producer Solarpack, enabling the company’s successful floating on the Spanish stock market.
The global project included a thorough analysis of the Solarpack’s PV parks in Spain, Peru, Chile and India. The technical due diligence featured an assessment of the technology, design and performance of Solarpack’s assets including 20 photovoltaic plants in operation and 4 projects in development with a total of 366 MW.
DNV GL’s technical due diligence served as a prerequisite for Solarpack to launch an initial offering of its assets to the Spanish stock market. It provides potential investors insights into the expected performance and condition of the project assets, with an independent assessment of the investment object.
The Spanish market for renewables investments is extremely active. After several years with barely any new renewable installations in Spain, the new auction schemes have re-activated the market, with numerous projects currently looking for financial support to reach the construction phase. With extraordinary solar resources, solid grid connections and a profitable electricity market, Spain has been one of the leading renewables players in Europe.
“Solarpack has grown in a very solid, diversified and profitable way from its inception in 2005. Beyond 2019, Solarpack intends to continue increasing its portfolio of operating assets crystalizing its pipeline of additional projects. Our offering to the stock market, backed by the in-depth due diligence, will be instrumental for the growth of the company’s operating assets base, welcoming new shareholders in this fully primary capital increase.” said Pablo Burgos, Chief Executive Officer of Solarpack.
Among other tasks, DNV GL reviewed Solarpack’s technical aspects including site evaluation, design and technology, historical performance and operations and maintenance plan. The assessment found that the assets did not feature any risks that could affect the long-term performance of the assets. With that outcome, Solarpack’s assets were ready to convince investors on Spanish exchange markets.
“Solarpack is taking a remarkable step by launching its initial offering on the Spanish Stock Exchanges. They are a clear a frontrunner in this kind of investment and we expect to see many more in Europe and globally in the next years. Supporting Solarpack with our global team n their remarkable endeavour was a real pleasure, by providing deeply-rooted technical expertise of the solar industry with local market knowledge to ensure their ambitious timeline for their Initial Public Offering was met” commented Andreas Schröter, Executive Vice President Central Europe and Mediterranean at DNV GL.
The Comisión Nacional del Mercado de Valores (“CNMV”) approved the prospectus for the Initial Offering of Solarpack’s shares. The Offering is exclusively addressed to institutional investors, with the shares expected to be listed on the Madrid, Barcelona, Valencia and Bilbao Stock Exchanges under the ticker “SPK”.
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. We also provide certification and supply chain services to customers across a wide range of industries. Operating in more than 100 countries, our experts are dedicated to helping customers make the world safer, smarter and greener.
DNV GL in the power and renewables industry
DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy management. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.
Learn more at www.dnvgl.com/energy.