Soltec, a leading manufacturer and supplier of horizontal single-axis solar trackers and related services in large ground-mount PV projects, closed the signing of a 100 million euros syndicated credit facility with eleven banks to continue with the internationalization process that has led the company to develop projects and open subsidiaries in the five continents. 

Banco Santander has led this financial operation with the advice of PWC; other financial institutions such as Bankia, Bankinter, BBVA, Caixabank, Cajamar CajaRural, Ibercaja, Liberbank, Sadabell, Banco Cooperativo Español and Banco Pichincha España have also taken part. Furthermore, Soltec counted on the legal collaboration of Garrigues during the entire process. 

A Syndicated credit is a large loan arranged, structured, and administered jointly by two or more financial institutions in order to handle the high volume of funds. 

The main objective of this credit facility is to cover the commercial expansion process in which Soltec has been focus since 2014, when its international journey began with the signing of its first supply contract for a large-scale solar plant. 

"We appreciate the trust that these financial institutions have placed in us," says CEO of Soltec Raúl Morales. "This credit will allow us to continue supplying solar trackers to our increasing number of PV projects in countries like Brazil, Egypt, or Spain." 

Soltec | soltec.com