Spanish solar equipment firm Soltec plans IPO

Soltec, a Spanish manufacturer of equipment for solar power plants, is planning to raise Euro 150 million through an IPO in Madrid’s stock market..

The funds raised will be used for expansion in the fast-growing solar energy market. The company builds and sells tracking equipment which helps solar panels follow the movement of the sun and developing its own generation plants in Europe and Latin America. The company earned Euro 359 million in revenue last year. The Madrid stock market is a hotspot for renewable energy firms and their suppliers, hosting Iberdrola, Acciona and Siemens,

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