Soltec Power Holdings, S.A. is a Spanish manufacturer of single-axis solar trackers, headquartered in Molina de Segura, Murcia, and founded in 2004 by Raúl Morales. It listed on the Spanish stock exchange (BME, Bolsas y Mercados Españoles) on 28 October 2020 at €4.82 per share, which put its first-day market value at about €488 million. For most of its history Soltec ran two businesses: tracker manufacturing, and a downstream solar arm covering project development, EPC (engineering, procurement, and construction), and asset management.
The company nearly failed. In September 2024 it filed a pre-insolvency notice, its shares were suspended by the CNMV, and over the following year it completed a court-approved financial restructuring that handed majority control to a new investor, DVC Partners, and cut the company back to its tracker core.
What trades today as BME: SOL is a much smaller, tightly held company than the one that went public in 2020. The restructuring is the central fact of this profile, and the sections below are organized around it.
Soltec builds single-axis solar trackers: the steel structures, motors, and controls that rotate rows of photovoltaic panels from east to west to follow the sun across the day. Tracking lifts a plant's energy yield relative to fixed-tilt mounting, which is why utility-scale solar developers pay for it. This is a hardware business built on steel and motors, exposed to steel prices and to heavy price competition, including from Chinese suppliers.
The SF7 is a "2P" tracker, meaning it carries two modules in portrait orientation per row. The SFOne and SFOneX are single-axis families; SFOneX spans up to roughly 125 m (about 410 ft) per drive and handles slopes of up to 15%, which reduces the grading work needed on uneven terrain. Soltec also markets the SF8, which it bills as the largest single-row tracker in its lineup. Across the range, Soltec sells control and stow features under names including TeamTrack and Dy-Wind, which move the panels into protective positions during high winds or hail.
The distress. Soltec's troubles came from debt and its downstream business. In FY2024 the company reported revenue of €326.3 million and a net loss of €205.8 million, roughly eight times the prior year's loss. At the end of 2024 it carried gross financial and commercial debt of about €412 million, much of it maturing within a year. The tracker segment itself was EBITDA-positive, at about €28.6 million in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization); the loss came from write-downs, the downstream business, and the debt load. The trigger was a creditor bank declining to extend maturities on syndicated credit and guarantee lines.
The filing. In September 2024 Soltec filed a pre-insolvency notice for its subsidiary Soltec Energías Renovables, opening protected creditor negotiations under Spain's reformed insolvency law (the Texto Refundido de la Ley Concursal, or TRLC).
The suspension. On 26 September 2024 the CNMV precautionarily suspended trading in Soltec shares. The company had said it could not publish its first-half 2024 results on time, and the pre-insolvency process was underway. The suspension lasted about 15 months.
The restructuring. Soltec filed its restructuring plan with Murcia Commercial Court No. 2 in July 2025, and the court approved it on 26 September 2025. The plan wrote off debt in a way that produced a roughly €126 million one-off positive impact on the financial result, made up of about €68 million in bank-debt haircuts and €58 million in supplier haircuts. It extended remaining maturities and cut residual debt from roughly €385 million to about €231 million, with the reduction taking effect in the December 2025 implementation. DVC Partners, an Italian (Milan-based) private equity firm, took about 80% of the company through a €30 million capital injection, converted to equity via a capital reduction and increase that issued 365,546,868 new shares, plus €15 million of financing. The plan also divested the non-core EPC and asset-management units and set up about €35 million of new guarantee capacity (a €12 million new facility and a €23 million expansion of the existing one) so Soltec could bid for projects again.
The December 2025 capital increase, known as an accordion, recapitalized the company and heavily diluted existing holders. Founder Raúl Morales, who had resigned as executive chairman in August 2024, saw his stake fall from around 20% to roughly 4% in that step. Other long-standing shareholders were diluted on similar terms.
The relisting. Trading resumed on 19 December 2025, with a reference price near €0.08 per share. The stock roughly doubled on the first day off that very low base, on thin volume. Soltec is listed again but tightly held by DVC, with a small free float.
The FY2025 figures below are company-reported, drawn from the results presentation dated 1 March 2026, and pending audited annual accounts.
FY2024 was the year the model broke. Revenue rose 31% year-on-year to €326.3 million, and the company posted a net loss of €205.8 million. The tracker segment generated about €28.6 million in adjusted EBITDA, while gross debt stood at about €412 million at year-end. The loss came from write-downs and from the debt and downstream businesses, not from tracker operations.
FY2025 shows a profit on the bottom line that the operating business did not earn. Revenue fell to about €81 million as Soltec shrank to its tracker core, and the company reported a net profit of about €12 million. That profit is the product of the roughly €126 million one-off restructuring gain. The first half of 2025 alone was a €21.8 million net loss on €65.3 million of revenue, and operating revenue in the second half was minimal, so the full-year profit is an accounting result of the debt write-offs rather than evidence of an operating turnaround. Trackers were 78% of FY2025 sales, and more than 60% of revenue was international.
Mariano Berges del Estal is CEO, appointed sole chief executive in August 2024 and continuing through the DVC takeover. The chairman is Marcelino Oreja Arburua, appointed in December 2025 after DVC took control; he previously ran the Spanish gas-grid operator Enagás as its CEO. He succeeded Marcos Sáez Nicolás, the non-executive chairman since August 2024. Founder Raúl Morales resigned as executive chairman in August 2024 and holds no executive role. The board was reconstituted in December 2025 with directors nominated by DVC Partners.
Soltec is a mid-tier single-axis tracker manufacturer with regional strength, competing against larger players. The US-listed leaders are Nextracker and Array Technologies; other competitors include Arctech of China and the Spanish makers PV Hardware and Gonvarri. Soltec's strength is regional, concentrated in Spain, Latin America (including Brazil), and parts of EMEA (Europe, the Middle East, and Africa), with some presence in the US and Mexico.
After the restructuring, Soltec is far smaller and more weakly capitalized than the leaders. At about €81 million of FY2025 revenue, it operates at a fraction of the scale of Nextracker, which shipped billions of dollars of trackers in its most recent fiscal year.
The post-restructuring plan is a leaner, tracker-only company, recapitalized by DVC Partners, using the new €35 million guarantee line to resume contracting projects and relying on its regional positions in Spain, Latin America, and EMEA. The downstream EPC and asset-management businesses are gone.
The task now is to rebuild an operating business at much smaller scale and to show that the tracker segment can be sustainably profitable without one-off help. That has to happen against intense competition and pricing pressure, including from Chinese suppliers, and from a balance sheet that still carries roughly €231 million of residual debt against about €81 million of revenue.
The profit is not operating. FY2025's €12 million net profit rests on the one-off €126 million restructuring gain. The underlying operating business is small, and the turnaround is unproven. Residual debt of roughly €231 million is still large against about €81 million of revenue, and the company has yet to show that its tracker segment can generate sustained profit on its own.
Ownership and liquidity. About 80% of Soltec is held by DVC Partners, which leaves a thin free float on a stock that only resumed trading in December 2025 after a 15-month suspension. Price discovery and minority influence are both limited, and minority holders were heavily diluted in the restructuring. Public information on DVC Partners is limited.
Governance overhang and competition. A platform of roughly 400 affected minority shareholders has announced that it intends to pursue criminal and civil action against former management, founder and ex-CEO Raúl Morales and co-founder José Francisco Moreno Riquelme, alleging falsified accounts and misleading information in the IPO (initial public offering) prospectus. The group has said it is also examining the possible responsibility of other parties. These are allegations, not findings; no court has reached any conclusion, and none is implied here. Separately, Soltec competes at a scale and balance-sheet disadvantage against Nextracker, Array Technologies, Arctech, and PV Hardware, with continued tracker pricing pressure from Chinese suppliers.
This profile was compiled from publicly available information including:
Soltec press room — IPO announcement (October 2020), restructuring-plan agreement (July 2025), first-half 2025 results (September 2025), restructuring-implementation release (December 2025), and FY2025 results presentation (1 March 2026).
CNMV (Comisión Nacional del Mercado de Valores) — Trading suspension and resumption notices and other regulatory filings; BME resumption-of-trading notice (December 2025).
pv magazine — September 2024 pre-insolvency notice and trading suspension.
EFE / Investing.com — FY2024 and FY2025 results and the December 2025 relisting; El Periódico de la Energía — December 2025 relisting coverage.
This profile is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security.