Spanish solar energy company Soltec has found an investor that will acquire 80% of the company’s shares in a restructuring move.
Investment firm DVC Partners will take out a €30 million (US$35 million) loan that will be repaid in shares representing 80% of the capital, for which Soltec will carry out a simultaneous capital reduction and increase.
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The entrance of DVC Partners has a new investor who will bring €15 million in financing to Soltec in order to comply with its business plan. In addition, creditors have granted the company a new line of guarantee worth €12 million.
Among other measures, the Spanish company has also agreed to reduce its debt from nearly €385 million to €255 million.
The company filed a request with the Murcia Commercial Court No. 2 for approval of its restructuring plan. According to Soltec, this move ensures the company’s viability of its business in the short and medium term.
With an agreement on the company restructuring plan, Soltec said it will focus on consolidating its competitive position in the solar tracker segment, which is the company’s core business and generated revenues of almost €300 million and delivered 3.7GW of trackers in 2024.
During that year, the company released several new products for its tracker business. This included a floating PV tracker concept more than a year ago and a 4×4 foundation option for trackers on steep terrain in July 2024.
This move comes after the company said earlier this year that it would focus exclusively on solar tracker solutions and divest all of its other business divisions after registering significant losses in the first half of 2024. During H1 2024, the company reported losses of €126 million.
As a move to solely focus on its solar tracker business, the company recently started construction on two solar PV plants for energy giant TotalEnergies. These two solar PV plants will be the last ones Soltec will build as the engineering, procurement, and construction (EPC) provider and will have an installed capacity of 220MW and 95MW.
