Corporate Finance
Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.
Soltec
Case Study
Mirabaud and Soltec: Corporate financing to accelerate a strategic Business Plan
Mirabaud acted as exclusive financial advisor to Soltec in the successful €100m. corporate financing, which will allow the Company to gradually become an Independent Power Producer (IPP) and switch into a vertically integrated business model in the solar PV sector.
About Soltec
Founded in 2004, Soltec has become an industrial leader in the solar PV sector, adapting its industrial business model to a vertically integrated IPP in order to maximise its value creation.
Soltec is comprised of three business lines participating in the entire value chain of the solar PV business:
- Soltec Industrial: tracker manufacturing business (3rd largest manufacturer globally*) and EPC construction services
- Soltec Development: greenfield solar PV developer with a c.14 GW PV portfolio in Europe and America
- Soltec Asset Management: new IPP business that owns and operates solar PV assets
After a successful IPO in October 2020 (€140m), Soltec has achieved c.€550m annual revenues, +1,300 employees and operates globally, mainly in Europe and America.
* Source: ‘Bloomberg “Booming Solar Tracker Market Innovates to Watch the Wind” Report, June 2021
Transaction overview
Soltec, a leading renewable energy Spanish listed company, signed a €100m. financing agreement with an international investor to fund and accelerate the growth of its asset management division, dedicated to the investment, operation and management of renewable energy assets.
The funds will be invested in the construction and operation of c.1 GW of projects internally developed by its development division, mainly in Europe (Spain and Italy) and America (Brazil).
This financing allows Soltec to gradually become an IPP and switch into a vertically integrated business model, while providing it with the necessary funds to continue with its ambitious roadmap for the coming years that will focus on business growth, stable cash flow generation and value creation to the whole Group.
Soltec mandated Mirabaud to seek either a corporate bond issue or a private placement to partially financing equity needs for the construction of c.1 GW. The process raised strong interest in the private market, with national and international investors.
We are pleased to have completed this deal with a leading quoted company like Soltec and played a role in their ambitious growth plans. With this transaction, the Company strengthens its goal of converting its business into a vertical integrated IPP (Independent Power Producer) player of relevance in the renewable energy sector. We helped to secure the advantageous financing terms that have been obtained. At Mirabaud, we are committed to supporting our clients over the long term and look forward to the next stage of Soltec’s impressive roadmap.
Mirabaud contribution and added value
Strategic advisory by redefining Soltec’s business model from an industrial player to a vertically integrated IPP with industrial capabilities, assisting in the elaboration of the credit story and Business Plan.
Shaping the optimal financing structure and advantageous terms & conditions in an unfavorable macroeconomic context for fixed income and debt markets.
Identification of the ideal potential investors with both the market expertise in the renewable energy sector and enough financing flexibility to develop its Business Plan capital needs.
Assistance in the negotiation of a financing agreement appropriate to both the strategic objectives and desired conditions of Soltec and the requirements of the selected investor as a private debt fund.
Engagement in all phases of execution, from the definition of the business strategy and the public and private market sounding to closing, coordinating and supporting both the transaction’s legal and due diligence advisors.
Key Data
| Company | Soltec Cap S.L., holding company that owns Soltec’s development and asset management business divisions |
| Transaction details | |
| Structure | Corporate debt financing (€100m.) |
| Tenor | 5 years (bullet) |
| Use of proceeds | Partially financing of the equity needed in the construction and operation of c.1 GW of solar PV assets in Europe (Spain and Italy) and America (Brazil) |
| Mirabaud Role | Exclusive financial advisor to Soltec |
Case Study
Case Leader
Corporate finance
Enrique AGUADO
Head of Corporate Finance & Capital Markets