Thanks to its commitment to innovation, Soltec records 600% growth over the last three years

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With more than 2.2 GW supplied for projects around the world and a forecasted turnover of €200m for the end of 2017, Soltec has become the fastest growing renewable energy company in Europe.

There is no secret formula to achieving this level of corporate success. The company’s ongoing investment in R&D and the development of proprietary technologies are essential factors for winning new projects. With 14 years of experience in the development of PV energy and some 35 patents worldwide, Soltec designed its first solar tracker in 2007 and since then has continued to invest in technological innovation.

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According to Raúl Morales, CEO of Soltec, “Developing a cutting-edge product is fundamental in the solar power sector and to achieve this, R&D becomes the lynch pin of any company looking for a niche in the renewable energy market”.

This year, a decade after the launch of its first solar tracker, this Spanish company has created SF7, the highest performing tracker on the market. Compared to its main rival, it is able to increase energy production, with up to 5% more output. Moreover, its design reduces the number of parts as well as installation time, thereby making its trackers the most cost-effective on the market.

Our product is the result of years of knowledge and experience in the PV sector. This has allowed us to understand our clients’ needs in addition to applying pioneering technologies to solar tracking”, comments José María Lozano, Head of Global Engineering at Soltec.

However, Soltec is not just an example of innovation in solar trackers, but tells the success story of a company that, following the crash of the PV sector in Spain, found a way to redirect its focus to become an international player. This means that today it is present in 12 countries and this year alone, has supplied its units to 15 projects, predominantly in Latin America and the USA. Soltec has thus positioned itself as the leading supplier in Brazil, Chile and Peru, continuing to gain market share in Mexico and the USA and expanding its market in other parts of the world, with new projects and subsidiaries in Africa, Asia, Europe and Oceania.

Soltec’s sights are once again set on Spain, now that the domestic PV market has been reactivated. “With a production capacity of 2.5 GW per year that permits supplies of over 200 MW a month and over 500 employees around the world, Soltec is the perfect partner for the implementation of large solar power projects”, confirms Emilio Alfonso, Soltec’s Commercial Vice-President for the EMEA Region. “What makes us stand out from our main competitors in Spain is that over recent years, we have maintained a very high level of overseas business”.