Spanish solar PV tracker firm Soltec has begun the process of transferring 80% of its share ownership to European investment firm DVC Solutions.
Late last week, Soltec announced that DVC would make a €45 million (US$53 million) investment in the company, comprising €30 million in capital and a €15 million loan. The financing was first announced in July.
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Soltec said it would carry out an “accordion operation”, resulting in issuing 365,546,868 new shares, aimed at recapitalising the business and rebalancing its equity structure.
Soltec has also secured €35 million (U$41 million) in loan guarantee facilities from undisclosed “financial institutions”, comprising a €12 million new loan and a €23 million expansion of an existing one.
The new capital injection and a reduction in Soltec’s total debt – from €386 million to €231 million – will provide the company with the “financial structure needed to execute its business plan”, it said in a statement, calling the involvement of DVC a “turning point” towards shifting its business and fortunes.
Soltec focuses on trackers
Back in March, Soltec announced that it would exclusively focus on its solar tracker solutions in the future, after sustaining around €126 million in losses in the first half of 2024.
It said that it would “abandon…less profitable sectors” like project construction and asset management, after its tracker business comprised around 80% of its revenues in 2024. It said it would retain its operations & maintenance (O&M) and project development activities as “highly valuable complementary business lines.”
In a statement following the investment from DVC Partners, Soltec said the solar tracker market “Has historically been a solid business with attractive margins, low capital intensity, strong global growth potential, and a favourable market position for Soltec.”
The company will seek to focus on the US, Latin America, Spain and the EMEA region; all developed markets for solar PV.
Trackers are an increasingly common feature of solar PV installations, as they can offer greater project efficiency and power generation. Trackers can also offer solutions to the impacts of extreme weather, particularly wind and hail, which pose significant risks to solar assets as the technology spreads to more regions. Data from Wood Mackenzie showed that the global tracker market grew by 20% last year, reaching 111GW worth of product shipments.
While not a market leader by volume – the sector is led by US-based Nextracker and China’s Arctech – Soltec claims to make significant strides in tracker technology innovation. Last year, the company launched a new foundation product to support trackers on steep terrain and a new floating solar PV tracker.
