(Bloomberg) -- Shares of Spain’s Solaria Energia y Medio Ambiente SA soared the most in eight months after the solar developer was said to receive unsolicited takeover approaches as investors look for bargains in the sector.

The company, valued at about €1.5 billion ($1.6 billion), in recent months has rebuffed interest from potential buyers because their price was too low, according to people familiar with the matter who asked not to be identified discussing non-public information. 

It wasn’t immediately clear if those suitors had walked away or if Solaria would explore strategic options after receiving takeover interest. A spokesperson for the company declined to comment. 

Solaria shares rose as much as 11%, the most since September. 

Renewable-power developers have increasingly become more attractive deal targets following a drop in their stock prices linked to rising interest rates and equipment costs. Shares in Solaria have dived 40% this year, and the stock is trading more than 60% lower than its peak in early 2021. 

Elsewhere, Brookfield is in exclusive talks to buy a majority stake in French renewable energy developer Neoen SA and may launch a takeover offer, in a deal that would value the company at €6.1 billion.

KKR & Co. in March offered to buy German renewable-power producer Encavis AG for €2.8 billion, while last month Energy Capital Partners and co-investors agreed to buy Atlantica Sustainable Infrastructure Plc for about $2.6 billion. 

In Spain, power prices have recently declined to the lowest level in 11 years, driven by an increase in clean energy generation, making investors more cautious. More than half of Solaria’s portfolio is located in its home market. 

The company has recently started to diversify its business, with the Spanish grid operator granting it access to connect to data centers. It also plans to increase its land-development unit, Generia. 

Solaria has said it expects earnings before interest, taxes, depreciation, and amortization to reach as much as €350 million in 2025, compared to about €200 million last year. It has 1.66 gigawatts in operation and plans to expand its portfolio to 18 gigawatts by 2030. 

(Updates with share price from first paragraph.)

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