Soltec plans €150m IPO to capitalise on solar’s growth trajectory

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A rendering of Soltec's SF8 tracker, which was unveiled last month. Image: Soltec.

Spanish solar tracker manufacturer Soltec has unveiled plans to raise up to €150 million through an initial public offering to take aim at solar’s continued growth trajectory worldwide.

According to an intent to file (ITF) document seen by PV Tech, the company is looking to raise gross proceeds of up to €150 million (US$176.7 million), which it will use to capitalise on the expected growth of the global solar industry in the coming years.

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Gross proceeds will predominantly be used to execute on the business plans of both Soltec and the company’s project development business arm, Powertis, while also being used to strengthen their respective balance sheets.

Soltec intends to list on the Spanish Stock Exchanges of Madrid, Barcelona, Bilbao and Valencia, and is aiming to entice qualified shareholders from across the globe, as well as employees, to participate in the offering.

According to figures supplied within the ITF, Soltec is intending to raise from a position of strength. It recorded revenues of €359 million (US$422.8 million) in 2019 and its order backlog as of 30 June 2020 stood at some €190 million (US$223.8 million), equivalent to around 1.8GW.

Furthermore, the company’s order pipeline stands at €2,148 million (US$2,529 million), or 17.6GW, with an additional project development pipeline of 5GW within the Powertis division.

Raul Morales, chief executive officer at Soltec, said the company’s recent growth was proof of its team’s dedication, with the company now primed to take advantage of further opportunities.

“This offering will be instrumental for the growth of the company, welcoming new national and international shareholders in a fully primary capital raise.

“Today, solar PV is becoming one of the leading and fastest growing technologies in the shift towards decarbonisation and renewables. Soltec offers investors a unique and differentiated investment proposition to take part in the growth story of this leading technology,” he said.

Banco Santander is to act as senior joint global coordinator and joint bookrunner for the offering, with CaixaBank serving as joint global coordinator and joint bookrunner. JB Capital Markets, Sociedad de Valores and Joh. Berenberg, Gossler & Co will also act as joint bookrunners.

Rothschild & Co is to act as financial advisor to the company.

More specific details surrounding the offering are to be made available within a prospectus yet to be filed with Spanish authorities.

Soltec’s intent to file follows a host of other component suppliers and manufacturers that have also announced plans to list and raise funds to expand as global solar markets look set for bumper deployment in the years ahead. The most notable comparison for Soltec would perhaps be Array Technologies, the US-based solar tracker manufacturer, which unveiled plans to launch a US$100 million IPO late last month.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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