Soltec’s solar tracker unit secures additional time with lenders

Spanish vertically integrated solar energy specialist Soltec Power Holdings SA (BME:SOL) has reached an agreement for its solar tracker division to extend the maturity of the syndicated revolving credit facility and bank guarantee line it secured in 2018.

A syndicate of 12 financial institutions extended the maturity from May 31, 2024, until September 30, 2024, with a tacit extension until November 30, 2024, Soltec said.

The trackers division, also known as Soltec Energias Renovables SLU, signed a revolving credit facility and a bank guarantee line in 2018. After a boost in the amount in 2021, the current limit stands at EUR 90 million (USD 97.8m) for the revolving credit facility and EUR 110 million for the guarantee line.

The Soltec group said that it will reassess its financing needs during this period to meet a backlog of over EUR 600 million and expected growth. KPMG Advisory has been hired to evaluate the company's new financing requirements.

According to the group, the trackers division closed 2023 with a backlog of EUR 663 million in signed contracts awaiting execution, indicating a positive outlook for the current year.

(EUR 1.0 = USD 1.087)

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