Spanish solar energy specialist Soltec Power Holdings SA has finalized an agreement to extend the maturity of its syndicated revolving credit facility and bank guarantee line, originally secured in 2018, for its solar tracker division.
Soltec announced that a syndicate comprising 12 financial institutions has agreed to extend the maturity of the facility from May 31, 2024, to September 30, 2024, with a tacit extension until November 30, 2024.
The trackers division, operating under Soltec Energias Renovables SLU, initially signed the revolving credit facility and bank guarantee line in 2018. Following an increase 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.
Soltec stated its intention to reassess financing needs during this extended period to address a backlog exceeding EUR 600 million and anticipated growth. To evaluate the company's new financing requirements, KPMG Advisory has been engaged.
With a backlog of EUR 663 million in signed contracts awaiting execution at the close of 2023, the trackers division underscores a promising outlook for the current year, according to Soltec.
