31 May 2024

Soltec extends syndicated financing of its industrial division until November 2024

Solar panel with a solar tracker of Soltec and the sun in the background
  • Soltec Power Holdings is working on a business plan setting out its medium and long-term financing needs

Soltec Power Holdings, a vertically integrated company dedicated to photovoltaic projects, has closed the agreement with all 12 financial institutions linked to the syndicated credit facility and bank guarantee line of its industrial division, Soltec Energías Renovables (Soltec Trackers). This agreement allows the maturity of the policy to be extended from 31 May of the current year to 30 September 2024, with tacit extension to 30 November 2024.

During this period, the company will reassess its financing needs to meet its backlog of more than 600 million and the expected growth of the company. Soltec has also hired KPMG Advisory to assess the company’s new financing needs.

Soltec Energías Renovables (Soltec Trackers) has had such syndicated financing since 2018, the amount of which was extended in 2021, comprising a revolving credit facility of 90 million euros and a bank guarantee line of 110 million euros.

Soltec Power Holdings’ industrial division closed 2023 with 663 million euros in signed contracts pending execution (backlog). This reflects the solid outlook for the current year. The company will present its results for the first quarter of 2024 on June 18.