Sunny Spain is one of Europe’s most vibrant solar energy markets. Driven by a government target to generate 74% of its energy from renewable sources by 2030, solar generation jumped by one third in 2022, according to the national grid operator1.
Solarpack has been at the leading edge of that development since it was founded in Bilbao in 2005.
A developer and operator of utility-scale photovoltaic solar energy projects, Solarpack’s portfolio stretches as far as Chile, Peru, Uruguay, India and Malaysia2, with plans to expand in the United States and elsewhere in Europe and Latin America.
As it strives to accelerate solar adoption, Solarpack is also determined to have a positive social impact on the local communities where it operates, in line with the United Nations’ Sustainable Development Goals. The company has designed a Social Action plan that supports their overall mission of universal access to energy, the development of clean energy to vital community centers, including training of installations, and new employment opportunities linked to lifecycle of plants and the provision of clean energy.
Delivering on those social objectives while expanding aggressively requires considerable funding. With that in mind, Solarpack established a green financing framework in 2022 and set a target of raising €1 billion in sustainable financing by the end of 2023.
In March 2023, the company closed a €310 million ESG-linked syndicated credit facility, with HSBC providing €60 million of the total and designated ESG coordinator on the deal.
It is the company’s first sustainable corporate financing facility, providing Solarpack with flexible funding for the development of new solar photovoltaic plants worldwide, with a focus in Europe, LatAm and North America. Solarpack’s portfolio of planned and operational solar farms totals 11 gigawatts (GW), with 5GW expected to be in operation by 2026.