Solarpack Raises $104 Million in Funding for Projects in Chile and India

Solarpack, a Spanish company that develops solar projects, has raised a total of $104 million (~Rs.6.7 billion) for nine PV projects in Chile and India. A group of Chilean banks funded three of the company’s Chilean distributed generation projects for $35 million (~Rs.2.25 billion). An Indian financial entity has financed six projects in India for $69 million (~Rs.4.43 billion). The total capacity of the projects is 135.5 MW.

The six Indian solar projects, located in the state of Telangana, will be operational between the second and third quarter of 2017 with a total capacity of 104 MW. The state electricity distribution companies Telangana State Northern Power Distribution Company (TSNPDCL) and Telangana State Southern Power Distribution Company (TSSPDCL) will purchase the electricity produced for a period of 25 years, through a long-term power-purchase agreement. This is Solarpack’s first contract in India. According to Mercom’s India Solar Project Tracker, the company won bids to develop the projects at a tariff of Rs.5.7249 (~$0.089)/kWh under Group-1 of the Telangana Solar Policy. A total capacity of 2,000 MW was auctioned under this group of projects.

Pablo Burgos, Solarpack’s CEO, commented, “Reaching financial close in such different geographical areas demonstrates once again the immense confidence that banks and international credit institutions have in Solarpack’s bankability, business model and management. This represents a new milestone for the company, which is pushing ahead with plans to expand its international presence and deepen its experience in the market it operates in.”

Mercom India has forecasted solar installations of approximately 10 GW for 2017 in its recently released Q1 Quarterly Solar Update.

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