11 July 2025
Soltec takes a key step in its strategic plan with the sale of its stake in the joint venture with TotalEnergies
- The solar tracker business has played a key role in Soltec’s financial recovery, contributing decisively to total revenues of €326.3 million in 2024, a 30.8% increase compared to 2023.
- The lack of guarantees since May of that year halted the signing of new projects, which has affected growth pace over the last few quarters.
- The process of divestment from non-strategic businesses continues, aimed at strengthening liquidity and profitability.
- Soltec is undergoing a restructuring process and is in negotiations with financial institutions and suppliers, in parallel with the search for funding, to reinforce its capital structure.
- The company has received an extension to complete the restructuring of its debt until June 26.
Murcia, June 20, 2025. Soltec presented this Friday the financial results for 2024. During the year, the company achieved consolidated revenues of €326.3 million, representing a 30.8% increase compared to the previous year. The solar tracker business was the main growth driver, generating €310.5 million. This line of activity, considered strategic in the new business model, also recorded an adjusted EBITDA of €28.6 million, consolidating its operational strength and its priority role in the company’s new focus.
Despite the challenges and complications that the group’s financial situation has had at the operational level, Soltec supplied 3.7 GW in solar trackers over the year, strengthening its position as a leading international supplier and reinforcing its collaboration with top-tier utilities and independent power producers (IPPs), having fulfilled its commitments with clients.
Strategic reorganization of the Group
As part of its reorganization process, Soltec has designed a new strategic plan aimed at ensuring its long-term viability and reinforcing its business model, focused on its core activity—the supply of solar trackers—which has historically been a profitable business with solid margins and a high-quality product in a market with attractive growth prospects.
As a first step, the company has decided to cease operations in the EPC (construction services) and AM (Asset Management) divisions, which have limited the group’s profitability and liquidity in recent years.
In 2024, revenues from the construction area—currently undergoing a divestment process—dropped by 46.7%, from €134.6 million in 2023 to €71.7 million. These activities recorded operating losses of €46.1 million, being a high-risk, low-margin business, which supports the strategic decision to focus on more profitable segments. A similar situation has occurred with the Asset Management area, which accumulated losses of €38.4 million and is also undergoing divestment, as it is capital-intensive, less profitable, and more complex from an operational standpoint.
Likewise, the company has launched a comprehensive cost optimization and restructuring plan across all areas and businesses. This program includes the implementation of best practices in operational control, internal reporting, and treasury management, with over 40 identified initiatives aimed at improving business margins and contributing to sustainable, profitable growth.
The group’s consolidated result closed the year with net losses of €205.8 million, affected by temporary impacts stemming from the liquidity and guarantee shortfalls.
These financial difficulties have had a significant impact on the company’s operations, leading to a sharp decline in expected contract signings, cancellation of already signed projects where a large portion of the costs had already been incurred, supply chain blockages with resulting surcharges and penalties for delays, and guarantee-related provisions or executions. Finally, extraordinary accounting effects were recorded, mainly related to the impairment of operational plants in Brazil and the deactivation of deferred tax assets until there is more visibility on their future recoverability.
Need for financing
In this context, Soltec is immersed in a financial restructuring process and is in negotiations with financial institutions and suppliers to strengthen its capital structure. The company has received an extension of the pre-bankruptcy period to restructure its debt until June 26, while it continues discussions with different creditors that began in September 2024.
Soltec faces a liquidity situation that requires an immediate response. The company holds €412 million in gross financial and commercial debt, most of which matures within the next 12 months. This financial pressure compromises short-term operational continuity and has already resulted in missed business opportunities, due to the inability to provide bank guarantees since May 2024.
In this regard, and as part of the restructuring plan, Soltec began a capital-raising process several months ago with the goal of securing funds to improve the company’s liquidity and implement the new strategic plan. This process is in its final phase, with a binding investment offer received from IME Spain General Partner, advised by DVC Partners. The proposal involves a capital injection of €30 million, after which IME Spain would take control of 80% of the company’s share capital. In addition, further liquidity would be provided through a debt instrument in the initial amount of €15 million.
A Viable Company with a Clear Focus
CEO Mariano Berges stated: “The results show that we have two very different realities: an operational one and a financial one. From a management perspective, and despite the difficulties caused by the lack of liquidity, we have managed to increase our sales. Our solar trackers are market leaders and have established themselves as our main growth driver and our future guarantee.”
In this new stage, the new management team is fully focused on ensuring the company’s viability and capitalizing on the opportunities offered by the market.
A new, more robust capital structure is expected once the restructuring is completed, with significantly reduced financial and commercial debt, a new long-term amortization schedule, and the availability of new guaranteed lines that will allow Soltec to resume its project bidding and execution capacity in line with its strong performance record.
The global context for solar energy remains favourable, consolidating itself as one of the main renewable energy sources worldwide. The growing penetration of solar trackers is one of the key drivers in the expansion of this energy source.
In this regard, Soltec continues to position itself as a leading company recognized for its solar supply solutions. It has a quality product, strong market positioning, and a solid presence in high-growth markets such as the United States, Brazil, and the EMEA region. Moreover, the company is known for its innovation and efficiency, standing out with advanced solutions such as trackers for agrivoltaic and floating systems. With more than 21 GW installed in recent years, Soltec remains an international benchmark in the solar sector.
