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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

Read Next

April 12, 2021
Spanish energy company Acciona has secured shareholder approval for an initial public offering (IPO) of its renewables division, providing a boost for the firm’s plans to reach 6GW of installed PV by 2025.
April 9, 2021
Spanish independent power producer Opdenergy is preparing to launch an initial public offering to help fund the development of 3.7GW of renewables projects across Europe and the Americas.
April 7, 2021
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.
April 7, 2021
Spanish renewables firm Ecoener has become the latest Spanish renewables company to plan an Initial Public Offering (IPO).
April 6, 2021
LONGi Green Energy has confirmed the creation of a new business unit centred around the world’s nascent green hydrogen market.
April 1, 2021
US President Joe Biden has heaped importance on clean energy research and development, arguing it to be pivotal to boosting the country’s economic recovery within a multi-trillion-dollar infrastructure stimulus package.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET