Swedish invesment fund EQT has announced a takeover bid for Solarpack after reaching conditional agreements with shareholders in the solar power developer.
EQT Infrastructure launched the bid for full control of the company after coming to purchase agreements with owners of just over half of the firm’s shares.
The offer to all shareholders is 26.50 euros a share, which represents a 45% premium over the closing price yesterday, according to the EQT release. It is 35% over the weighted average price of the company’s shares over the previous three months.
The offer is conditional upon gaining over 75% shareholder acceptance and Spanish regulatory approval. If successful, EQT will seek to de-list the company’s shares.
Solarpack has developed or built 1.3 gigawatts (GW) in solar power – mainly in Spain, Chile and India – since 2005. The company owns and and operates 450 megawatts (MW) of that currently.
Shares in renewable energy-focused companies surged last year, as governments and corporates turned to greener policies amid the pandemic. The luster of share prices in the green boom has worn off a bit through the first part of this year.
All the same, investment funds, corporates and energy producers continue to add green energy to their portfolios, either via investment or acquisition.