Soltec has announced a restructuring of its industrial division Soltec Energias Renovables
It has also suspended stock trading as the company has delayed filing its H1 2024 financials
The management is charting a new roadmap with a focus on profitability and cash generation
One of the world’s top 10 solar tracker suppliers in 2023, according to Wood Mackenzie, Soltec is restructuring its industrial division Soltec Energia Renovables and is negotiating with the financial creditors of the subsidiary. The group has also decided to delay publishing its H1 2024 financial report and has suspended trading of its shares.
The management shared that the restructuring decision was taken after one of the financial creditors of the subsidiary refused to extend the tacit extension planned till November 30, 2024, for a €90 million revolving credit facility and a €110 million guaranteed line of credit.
While it is confident of reaching an agreement to resolve the situation with the creditors, it has suspended trading on the stock exchange till it files H1 2024 results. Soltec got listed in 2020 having raised €149 million in a public issue.
The financial results have been delayed as the management conducts additional verifications and analysis regarding its sale of 2 Brazilian assets. It is also conducting investigations into the mismatch in the amount of inventory recorded for the year 2023.
Nonetheless, the company forecasts its H1 revenues within the range of €250 million and €260 million.
Soltec is now working on a new roadmap, with the help of a leading global consultancy, to chart its growth in the coming years. The focus will be on developing activities and markets with higher value-added development including solar tracker supply and PV project development. The emphasis will be on cash generation and achieving sustainable, long-term profitable growth.
To this end, it has restructured the company’s management with Mariano Berges elevated as the new CEO and Marcos Sáez Nicolás as the new chairman. Its new Chief Operations Officer (COO) is Mikel de Irala, and its Chief Investment Officer (CIO) is Andrés Carretero.
“We have a strong position in our solar tracker division, with over 20 GW in projects,” said Soltec CEO Mariano Berges. “The company is taking all necessary operational and financial measures to focus on businesses with higher margins and profitability. We have a proven track record, cutting-edge technology, and are well-positioned to drive future growth.”
In its 2023 global solar PV tracker shipment report, Wood Mackenzie placed Soltec on the 7th position with a 5% market share (see Global Solar PV Tracker Shipments In 2023 Totaled 92 GW DC).
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