With a project pipeline of 644 MWp, T-Solar aims to quadruple its current installed capacity over the next three years in its target countries: Spain, Italy, France, India and the United States.
T-Solar is planning to invest EUR1.2 bn during the next three years, in addition to the EUR1.07 bn it invested to year-end 2009.
T-Solar, one of the largest Independent Power Producers (IPPs) in the international solar PV energy market in terms of installed capacity, is evaluating the possibility of applying to have its shares listed on the Spanish stock exchanges and traded though the Automated Quotation System (Mercado Continuo) in the coming months. The transaction is expected comprise a primary offering intended principally to fund its international expansion to construct large-area solar photovoltaic plants in its target countries.
T-Solar focuses its activity on the design, development, commissioning and operation of large-area solar photovoltaic plants and the sale of the electricity generated by them to the electrical utilities. Its installed capacity of 143.15 MWp currently in operation generated 218 GWh of clean energy (in 2009). This is equivalent to the average annual electricity consumption of 50,000 households. T-Solar’s environmentally-friendly electricity generation in 2009 has avoided the emission of 74,000 tonnes of CO2 into the atmosphere, which is equivalent to planting 4.6 million trees. The company also has a further 25 MWp under construction in Spain and Italy, which are expected to come on line in the first half of 2010.
T-Solar also manufactures large-area (5.7 m2) thin-film amorphous silicon solar panels. Its highly automated factory in Orense (Spain) uses latest-generation technology and T-Solar aims to significantly reduce the price per KWh of energy produced by its panels.
International expansion
T-Solar ended 2009 with revenues of EUR128.7m and EBITDA of EUR84.8m. Since it was established, T-Solar has invested EUR1.07 bn in its business. It is planning to invest a further EUR1.2 bn between now and 2012 to construct additional large solar photovoltaic plants in its target countries. Along with Spain, these are: Italy, France, India, United States and some other Latin-American countries, such as Peru, where T-Solar intends to produce and sell 173 GWh of photovoltaic power per year to the Peruvian government over a 20-year period, part of which will be generated under a joint venture.
In the words of T-Solar’s CEO, Juan Laso: "The company wants to fund its international expansion, leveraging its project pipeline, which currently consists of 664 MWp in different stages of development, and on its sound network of partners in the countries where it already operates. T-Solar’s objective is to quadruple its installed capacity over the next three years and consolidate its position as one of the largest independent producers of solar photovoltaic power in the world."
The companies advising T-Solar in the IPO process are: Credit Suisse Securities (Europe)Limited as Sole Global Coordinator and Joint Bookrunner, Société Générale Corporate & Investment Banking as Joint Bookrunner and Banco de Sabadell and Mediobanca as co-managers.
T-Solar is one of the largest Independent Power Producers (IPPs )in the international solar photovoltaic market in terms of installed capacity. Since it was set up in 2006, it has invested in producing clean electricity using the power of sunlight. In four years, it has invested EUR1.07 bn in its busines . Its solar photovoltaic plants in Spain have an aggregate installed capacity of 143.15 MWp. In 2009 they produced a total of 218 GWh (equivalent to the annual electricity consumption of 50,000 households). It has a further 25 MWp under construction in Spain and Italy, which are expected to come on line in the firts half of 2010. T-Solar’s factory in Orense (Galicia, Spain) also manufactures large-area thin-film amorphous silicon solar panels (5.7m2).
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