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Soltec has entered pre-insolvency proceedings to negotiate with creditors, and Spain’s National Securities Market Commission (CNMV) has suspended trading of its shares until it releases its first-half 2024 financial results.
Spains CNMV has suspended trading in shares of Soltec until it publishes its financial results for the first half of 2024.
Soltec, which operates in tracker manufacturing, project development, and PV asset management, has said the delay is due to a detailed review it is conducting with the assistance of its auditor, Ernst & Young.
Soltec said that “this review requires additional checks and analysis to adequately reflect certain impacts on the margins of certain projects.” It also referred to an adjustment in the valuation of operational assets in Brazil due to a strategic decision to sell them.
The company said that it estimates revenue for the first half of 2024 to range between €250 million ($278.4 million) and €260 million. It added that it will publish the results for the first six months of the year as soon as it concludes its ongoing review.
On April 1, the company informed the CNMV of discrepancies in its consolidated annual accounts for 2023. It has also declared pre-insolvency to negotiate with financial institutions that are creditors of Soltec Energías Renovables and to avoid a potential payment suspension.
It said that the goal is to finalize a restructuring agreement that ensures its future, as one bank has decided not to extend a tacit extension regarding a €90 million syndicated loan and a €110 million credit line. That said, the company expressed confidence in reaching an agreement with creditors to resolve the current situation.
In August, Soltec restructured its management team, appointing new CEO Marcos Sáez Nicolás and removing founder Raúl Morales as executive president. It also reduced the size of its management committee and named Mikel de Irala as chief operating officer and Andrés Carretero as chief investment officer.
Soltec went public in October 2020. In its first half of 2023 results, the company reported a 44.6% increase in losses. |
