Soltec plans EUR150m IPO to capitalise on solar's growth trajectory

• Spanish solar tracker supplier Soltec has actually unveiled strategies to elevate approximately EUR150 million through a going public to take aim at solar's continued development trajectory worldwide.

According to an intent to documents (ITF) record seen by PV Tech, the firm is wanting to raise gross earnings of up to EUR150 million (US$ 176.7 million), which it will make use of to capitalise on the expected growth of the worldwide solar industry in the coming years.

Gross earnings will mainly be used to carry out on the business strategies of both Soltec and the business's project development service arm, Powertis, while additionally being made use of to strengthen their corresponding annual report.

Soltec intends to provide on the Spanish Stock Exchanges of Madrid, Barcelona, Bilbao and Valencia, and also is aiming to attract competent investors from across the globe, in addition to staff members, to take part in the offering.

According to figures supplied within the ITF, Soltec is meaning to elevate from a placement of toughness. It taped earnings of EUR359 million (US$ 422.8 million) in 2019 and also its order backlog since 30 June 2020 stood at some EUR190 million (US$ 223.8 million), equivalent to about 1.8 GW.

Moreover, the business's order pipe stands at EUR2,148 million (US$ 2,529 million), or 17.6 GW, with an additional project development pipeline of 5GW within the Powertis division.

Raul Morales, ceo at Soltec, said the firm's recent development was proof of its group's commitment, with the business now primed to take advantage of further possibilities.

"This offering will be instrumental for the growth of the business, welcoming brand-new national and worldwide shareholders in a totally primary resources raise.

"Today, solar PV is turning into one of the leading and also fastest growing technologies in the change in the direction of decarbonisation and also renewables. Soltec provides investors an one-of-a-kind as well as separated investment suggestion to participate in the growth story of this leading innovation," he said.

Banco Santander is to act as elderly joint worldwide planner and joint bookrunner for the offering, with CaixaBank working as joint worldwide coordinator as well as joint bookrunner. JB Capital Markets, Sociedad de Valores and Joh. Berenberg, Gossler & Co will also act as joint bookrunners.

Rothschild & Co is to work as economic consultant to the business.

Extra particular information bordering the offering are to be provided within a program yet to be filed with Spanish authorities.

Soltec's intent to file complies with a host of various other element suppliers and also producers that have actually additionally announced plans to listing and also raise funds to broaden as global solar markets look established for bumper deployment in the years ahead. The most notable contrast for Soltec would maybe be Array Technologies, the US-based solar tracker manufacturer, which introduced strategies to introduce a US$ 100 million IPO late last month.