Spanish solar tracker manufacturer Soltec has initiated the process of transferring 80% of its ownership to European investment firm DVC Solutions.
Over the weekend, Soltec announced that DVC will inject €45 million into the company, consisting of €30 million in equity and €15 million in loans. The financing plan was initially disclosed in July this year.
Soltec stated that it will implement an “accordion-like capital increase operation” by issuing 365,546,868 new shares to facilitate the recapitalization and restructuring of its equity.
Additionally, Soltec has secured a €35 million (approximately $41 million) loan guarantee line from undisclosed “financial institutions,” including €12 million in new loans and €23 million in the expansion of existing credit facilities.
In its announcement, the company emphasized that the new capital injection, along with the reduction of total debt from €386 million to €231 million, will provide “the financial structure needed to execute its business plan.” It described DVC’s involvement as a “critical turning point” for the company’s transformation and future prospects.
