September 19 (Renewables Now) - Spanish solar energy developer and producer Solarpack, part of Swedish investment firm EQT AB (STO:EQT), said on Saturday it had signed an agreement to acquire compatriot and peer Solaer Holding SL.
Financial details were not disclosed. Solarpack said it would fully finance the acquisition with funds provided by its shareholders. It expects the deal to close by the end of the year.
For the buyer, the move complements its organic growth in Spain and Italy, where Solaer has a portfolio with more than 2.8 GW of advanced-stage projects, according to the announcement. Solaer, a turnkey solar projects builder and services provider, also conducts business in Japan, the UK, the US, Mexico and Colombia.
"The acquisition brings together two companies tightly aligned and should result in major opportunities to grow, not only in Spain and Italy, but also in other geographies," commented Solarpack CEO Pablo Burgos.