Soltec Extends Debt Restructuring Deadline to Ensure Operational Stability Amid Financial Challenges

Soltec Extends Negotiation Deadline with Banks to Safeguard Operating Capacity
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The solar tracker sector has been pivotal in Soltec’s financial turnaround, contributing significantly to total revenues of €326.3 million in 2024, which marks a 30.8% increase compared to 2023. However, a lack of guarantees since May of the previous year has stalled the signing of new projects, impacting the company’s growth momentum in recent quarters. As part of its strategy to bolster liquidity and profitability, Soltec is continuing its divestment from non-strategic businesses.

Currently, Soltec is undergoing a restructuring process and is in discussions with financial institutions and suppliers while seeking funding to strengthen its capital structure. The company has secured an extension to finalize its debt restructuring until June 26.

On June 20, 2025, Soltec announced its financial results for 2024. During this period, consolidated revenues reached €326.3 million, reflecting a 30.8% increase over the previous year. The solar tracker business emerged as the primary growth engine, generating €310.5 million. This segment, deemed strategic within the company’s new business model, also reported an adjusted EBITDA of €28.6 million, underscoring its operational strength and vital role in the company’s renewed focus.

Despite facing operational challenges due to its financial situation, Soltec successfully supplied 3.7 GW of solar trackers over the year, reinforcing its status as a leading international supplier and maintaining collaborations with prominent utilities and independent power producers (IPPs).

### Strategic Reorganization of the Group

In alignment with its reorganization efforts, Soltec has crafted a new strategic plan designed to ensure long-term sustainability and reinforce its business model, which is centered on the supply of solar trackers—a historically profitable venture with solid margins and promising growth potential. As an initial measure, the company has opted to discontinue operations in the EPC (construction services) and AM (Asset Management) divisions, which have hindered the group’s profitability and liquidity in recent years.

In 2024, revenue from the construction segment—currently undergoing divestment—plummeted by 46.7%, falling from €134.6 million in 2023 to €71.7 million. These activities incurred operational losses of €46.1 million, highlighting their high-risk, low-margin nature, which supports the strategic pivot towards more profitable areas. Similarly, the Asset Management sector has faced losses of €38.4 million and is also being divested due to its capital-intensive, less profitable, and operationally complex characteristics.

Additionally, the company has initiated a comprehensive cost optimization and restructuring plan across all divisions. This program encompasses the adoption of best practices in operational control, internal reporting, and treasury management, with over 40 initiatives identified to enhance business margins and foster sustainable, profitable growth.

The group concluded the year with net losses of €205.8 million, largely influenced by temporary setbacks related to liquidity and guarantee shortages. These financial challenges have severely impacted operations, resulting in a significant drop in anticipated contract signings, cancellation of previously signed projects with substantial incurred costs, supply chain disruptions, and related penalties for delays.

### Financing Needs

Against this backdrop, Soltec is deeply engaged in a financial restructuring initiative and is negotiating with financial institutions and suppliers to bolster its capital structure. The company has been granted an extension of the pre-bankruptcy period to restructure its debt until June 26, while discussions with various creditors—initiated in September 2024—continue.

Soltec is confronting a liquidity crunch that necessitates immediate action. The company currently holds €412 million in gross financial and commercial debt, the majority of which is due within the next 12 months. This financial pressure jeopardizes short-term operational continuity and has already led to missed business opportunities due to an inability to provide bank guarantees since May 2024.

As part of the restructuring framework, Soltec began a capital-raising process months ago aimed at securing funds to enhance liquidity and execute the new strategic plan. This initiative has reached its final phase, with a binding investment proposal from IME Spain General Partner, advised by DVC Partners. This proposal includes a €30 million capital injection, after which IME Spain would acquire 80% ownership of the company. Additionally, a debt instrument providing an initial €15 million in liquidity would also be included.

### A Viable Company with a Clear Focus

CEO Mariano Berges remarked, “The results reflect two distinct realities: an operational one and a financial one. Despite the liquidity challenges, we have managed to increase our sales. Our solar trackers have established themselves as market leaders and are now our primary growth driver and future guarantee.”

As the company enters this new phase, the management team is entirely focused on ensuring its viability and seizing market opportunities. A more robust capital structure is anticipated upon completion of the restructuring, characterized by significantly reduced financial and commercial debt, a new long-term amortization schedule, and the establishment of new guaranteed lines that will enable Soltec to resume its project bidding and execution capabilities in line with its proven performance record.

The global landscape for solar energy remains favorable, solidifying its position as one of the leading renewable energy sources worldwide. The increasing adoption of solar trackers is a key factor driving the expansion of this energy sector.

In this context, Soltec is poised as a leading company recognized for its solar supply solutions. With a high-quality product, strong market positioning, and a solid presence in rapidly growing markets such as the United States, Brazil, and the EMEA region, the company is also renowned for its innovation and efficiency. Notably, Soltec has distinguished itself with advanced solutions, including trackers for agrivoltaic and floating systems. With over 21 GW installed in recent years, Soltec continues to be a benchmark in the international solar sector.

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### Latest News

– **June 4, 2025:** Soltec completes the construction of a photovoltaic plant capable of supplying electricity to over 30,000 households and preventing 28,000 tons of CO₂ emissions annually.

– **April 23, 2025:** Soltec will supply innovative solar trackers to a photovoltaic plant in Brazil, which is projected to prevent over 89,000 tons of CO₂ emissions.

– **March 27, 2025:** Soltec secures a three-month extension for its debt, allowing the continuation of the financial restructuring process.

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