Spanish company Soltec announced on January 25 that it has signed contracts to provide its SF7 bifacial trackers and related construction services for two PV power plants that are respectively located in Chile and Colombia. Collectively, the contracts are 420MW in scale. The developer of the two power plants has yet to be revealed. However, the official press release strongly implies that it is Enel Green Power. Construction already begun in December last year for the two projects, and they are scheduled for completion this year. These contracts immediately follow the deals that Soltec entered with Enel Green Power in the middle of January for 610MW of SF7 bifacial trackers that will be deployed in other PV power plants located in Peru and Colombia.
Soltec also stated that it is now actively recruiting local workers and procuring from local companies. The company emphasized that it is committed to creating wealth and employment in the communities where its projects are located.
Soltec’s CEO Raúl Morales expressed immense satisfaction over the ongoing partnership with Enel Green Power in the major regional markets. Soltec has been operating in Chile since 2014, and the company managed to successfully enter Colombia in the recent period. Like Chile, Colombia is a key market as it has enormous potential for energy transition and the development of PV projects.
Besides selling solar trackers, Soltec is also seeking opportunities to build and sell PV power plants. Near the end of last year, Soltec’s subsidiary Powertis transferred its majority ownership over a portfolio of more than 750MW of PV and energy storage projects in Italy to German investment firm Aquila Capital. Under this deal, Soltec was guaranteed certain rights with respect to the provisioning of solar trackers and EPC services. Also, Soltec signed a framework agreement with compatriot Acciona Energía in October last year. Under the agreement, Soltec will supply solar trackers that will be deployed in PV projects being developed by Acciona Energía for a period of three years.
Soltec’s latest earnings call was for the third quarter of 2021. Soltec’s revenue for that quarter grew 18% year on year to EUR 100 million. Its net profit came to minus EUR 0.1 million. The relatively small loss was mainly attributed to pandemic-induced disruptions in the global logistics network and personnel shortages in some countries. At the earnings call, the company also stated that it has become the world’s third largest supplier for solar trackers.
