Ardian, Solarpack dissolve JV, split 89 MW of solar assets in Peru, Chile

Paris-based private investment house Ardian and Spain’s Solarpack have dissolved their South American joint venture (JV), dividing around 89 MW of solar farms they once co-owned in Peru and Chile.

It was a mutual decision to part ways “after a fruitful partnership”, Ardian said on Tuesday. The financial terms of the dissolution were not disclosed.

The deal saw Ardian take 100% interest in 26.5 MW of capacity installed across three solar farms in Chile, and 100% in the 22.2-MW Tacna solar farm in southern Peru. At the same time, the Spain-based solar energy specialist assumed total ownership of the 21.2-MW Panamericana and the 19.4-MW Moquegua solar farms in southern Peru.

“This new, simpler structure allows Ardian to obtain full control of the plants, manage them more directly, and fully integrate them with the rest of the Ardian Clean Energy Evergreen Fund (ACEEF) portfolio, including the hydroelectric plants recently acquired in Peru,” the investment firm said.

Going forward, AGR-AM, the renewable asset manager dedicated exclusively to Ardian's portfolio in Spain and Latin America, will directly manage the newly acquired solar farms on behalf of the investor.

Ardian and Solarpack first partnered in South America in 2016, in a deal encompassing the three solar farms in Chile and the Moquegua plant in Peru. The agreement to co-own Tacna and Panamericana was closed in early 2020.

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