27 October 2020

Soltec Power Holdings priced initial offering at €4.82 per share

  • The market capitalization of Soltec Power Holdings, S.A. (“Soltec Power Holdings, S.A.” or the “Company”), expected to begin trading on the Barcelona, Bilbao, Madrid and Valencia stock exchanges (the “Spanish Stock Exchanges”) under the ticker “SOL” on 28th October, would exceed €440 million by reference to the offer price
  • Raúl Morales, CEO and founding member of the Company, will ring the bell and inaugurate trading on Wednesday, 28th October, at 12:00 CET at the Madrid Stock Exchange
  • The interest of different investors in becoming shareholders of Soltec Power Holdings since the beginning of the roadshow demonstrates the attraction of the Company in the institutional market and clearly supports its plans for growth and development of its activities in the countries where it is already present. It also shows the confidence of international investors in the Spanish renewable energy sector and, more specifically, in the PV industry, as well as in the investment opportunity offered by Soltec Power Holdings

Following the successful book-building process of Soltec Power Holdings’ offer of shares, which concluded a day earlier than initially planned, the Company and the joint global coordinators, Banco Santander, S.A. and CaixaBank, S.A., along with the joint bookrunners, JB Capital Markets, Sociedad de Valores, S.A. Unipersonal and Joh. Berenberg, Gossler & Co. KG, have agreed to set the final price of the offering at €4.82 per share, with the price of the employees offering being set at €4.34. The market capitalization of Soltec Power Holdings at the offering price would exceed €440 million.

As stated in the prospectus approved by the Comisión Nacional del Mercado de Valores (the “CNMV”) on 15th October, the transaction consists of the offering of new shares for an initial amount of approximately €150 million, which could be extended for an additional value of, approximately, €15 million through the sale of shares by Grupo Corporativo Sefran, S.L., the majority shareholder of the Company, if the over-allotment option (greenshoe) of up to 10% of the initial offer is exercised in full (the “Offering”).

Soltec Power Holdings’ shares are expected to commence trading on the Spanish Stock Exchanges on Wednesday, 28th October, under the ticker “SOL”. The CEO and founding member of the Company, Raúl Morales, will ring the bell and inaugurate trading at 12:00 CET at the Madrid Stock Exchange.

“The demand shown by investors over the last two weeks reflects the potential and global leadership of Soltec Power Holdings, at a time when the solar PV industry has excellent development prospects for the coming years. Following the IPO, we will continue to focus on maintaining our path of growth with an innovation and long-term value generation approach,” stated Raúl Morales.

Following the Offering, Grupo Corporativo Sefran, S.L. will continue to be the majority shareholder of Soltec Power Holdings together with Valueteam, S.L. (company controlled by Raúl Morales).

With its admission to trading on the Spanish Stock Exchanges, Soltec Power Holdings aims to strengthen its role as a key player in the energy transition, while seeking to broaden its shareholder base, diversify its funding sources, and institutionalize the relationship with its stakeholders based on transparency and corporate governance best practices.

About Soltec Power Holdings

Soltec Power Holdings is a leading global company specialized in providing integrated solutions in solar PV focused on tracking systems with a strong commitment to innovation. The company holds a top-three position globally, #1 in Mexico and Argentina and #2 in Brazil and Spain[1].

Headquartered in Molina de Segura, Murcia, Spain, Soltec Power Holdings has been active since 2004 and has a diversified geographical footprint focused on EMEA, North America and Latin America. Soltec Power Holdings is present in 16 countries worldwide with over 1,320 employees. Since its foundation, Soltec has delivered trackers for projects with a total cumulative installed capacity of c. 7.1 GW, of which 42% is in Latin America, 31% in North America (including Mexico), 25% in Europe, the Middle East and Africa and 2% in Asia-Pacific.

[1] Per MW of solar trackers delivered in 2019 Source: IHS Markit Global PV Tracker Market Report 2020.