Soltec secures €100 million credit facility led by Banco Santander to continue expansion

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Single-axis solar tracker firm Soltec has signed a €100 million syndicated credit facility with eleven banks, led by Banco Santander. Image: Soltec

Single-axis solar tracker firm Soltec has signed a €100 million syndicated credit facility with eleven banks, led by Banco Santander to continue to expand its international business with the opening of subsidiaries in the five continents.

“We appreciate the trust that these financial institutions have placed in us,” says CEO of Soltec Raúl Morales. “This credit will allow us to continue supplying solar trackers to our increasing number of PV projects in countries like Brazil, Egypt, or Spain.”

Soltec said that Banco Santander had led the credit facility creation with the advice from PWC. Financial institutions that joined the fund raising included Bankia, Bankinter, BBVA, Caixabank, Cajamar CajaRural, Ibercaja, Liberbank, Sadabell, Banco Cooperativo Español and Banco Pichincha España.

The company said that it had manufacturing facilities in Argentina, Brazil, China, and Spain, as well as offices in Australia, Chile, Denmark, Egypt, India, Israel, Italy, Mexico, Peru, and the United States.

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