Soltec has closed on the signing of a $115 million (€100 million) syndicated credit facility with 11 banks.
Courtesy of Soltec
The main objective of this credit facility is to cover the commercial expansion process which Soltec has been focusing on since 2014, when its international journey began with the signing of its first supply contract for a large-scale solar plant.
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.
“We appreciate the trust that these financial institutions have placed in us,” said 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.”