Spanish firm Solarpack Corporación Tecnológica has signed a deal to acquire all of the outstanding interests in two solar assets in Peru in which it already holds minority stakes.
The company will pay the Tawa Solar Fund and other unnamed shareholders $51.5 million for the 90.5% stakes in Tacna Solar and Panamericana Solar, raising its ownership to 100%. The assets have a combined capacity of 43 MW.
The Tawa Solar Fund, which is managed by Whitehelm Capital, holds a 68.3% stake in the two solar plants.
Solarpack developed and built the projects in 2012 in partnership with Gestamp Asetym Solar, now operating as X-Elio.
They sell their output under long-term, dollar-denominated power purchase agreements with the Peruvian Ministry of Energy, which were awarded in a 2010 power auction. The PPAs have more than 13.5 years left to run.
The projects were financed with long-term, non-recourse loans from the Overseas Private Investment Corp. As of Feb. 28, there was $113 million outstanding under the loans.
The acquisitions are expected to be finalized in the next four months. Solarpack has obtained a $30 million bridge loan to finance the deal and is exploring the possibility of identifying a minority partner.
(A version of this article first appeared in IJGlobal).