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

Facebook
Twitter
LinkedIn
Reddit
Email
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.

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.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

PV Tech Premium
September 23, 2022
Plans for a temporary revenue cap on solar PV assets across the European Union (EU) could dent investor confidence in renewables, experts have warned, amid concerns that individual member states may be able to set lower caps specific to different technologies.
September 22, 2022
Tech major Amazon has expanded its renewables portfolio globally with 71 new projects with a total capacity of 2.7GW.
September 20, 2022
From module makers and BOS producers to utility-scale developers and community solar companies, the Inflation Reduction Act (IRA) has taken centre stage at this year’s RE+ in Anaheim, California.
September 20, 2022
Private equity firm KKR and Hero Group have invested US$450 million in Indian independent power producer (IPP) Hero Future Energies (HFE) to support its renewables expansion.
September 19, 2022
US solar tracker manufacturer FTC Solar has released its new one module in portrait (1P) Solar Tracker Solution that the company said required fewer foundations and can boost the energy yield from projects, with the company also landing its first tracker agreement for the new product.
September 13, 2022
Powertis, the project development division of Soltec Power Holdings, has connected a 112.5MW solar PV project in Brazil, the company’s first in the country.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)