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Soltec plans €150m IPO to capitalise on solar’s growth trajectory

October 7, 2020

Spanish solar tracker manufacturer Soltec has unveiled plans to raise up to €150 million through an initial public offering to take aim at solar’s continued growth trajectory worldwide.

According to an intent to file (ITF) document seen by PV Tech, the company is looking to raise gross proceeds of up to €150 million (US$176.7 million), which it will use to capitalise on the expected growth of the global solar industry in the coming years.

Gross proceeds will predominantly be used to execute on the business plans of both Soltec and the company’s project development business arm, Powertis, while also being used to strengthen their respective balance sheets.

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