Soltec achieves 1 GW in Brazilian solar projects

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The company supplies solar trackers to two PV plants in the Brazilian state of Minas Gerais

Soltec has started to supply its trackers to two PV plants in the state of Minas Gerais, in south-east Brazil.

The municipality of Guimarânia will be home to approximately 2,800 SF7 Single-Axis Trackers that will be installed at one of the two solar plants. Soltec’s trackers will move nearly 250,000 PV modules to track the sun’s position in the sky for increased annual energy capture.

Project developer, Canadian Solar, EPC company Biosar and utility Global Power Generation (GPG) have teamed up with Soltec for this 82.5 MW project in Guimarânia. The plant is currently under construction and is scheduled to be operational by the end of December 2018.

At the same time, Soltec is also supplying its SF7 self-powered trackers to one of the largest distributed generation solar power plants in Brazil. Located in the municipality of Uberlândia, this plant will enter into operation this month.

Alsol Energias Renováveis, whose activity comprise developing renewable energy projects for companies and private individuals, chose Soltec’s trackers and the reliability of its supply for this 5 MW PV plant.

“Customers know that our experience and leading position as solar tracker supplier in Brazil make Soltec a safe bet”, says Raúl Morales, CEO of Soltec. “Soltec’s market leadership in the country has already been clearly demonstrated and is largely due to our ability to supply equipment at an astonishing rate”.

In order to cover the costs of the company’s commercial expansion that started in 2014, the year in which it launched its international trajectory by signing its first supply contract for a utility-scale solar plant, Soltec has agreed a loan for 100 million Euros in order to continue with an internationalisation process that has enabled the company to undertake projects and open subsidiaries on the five continents.

The financing has been headed up by Banco Santander, with consultation from PwC, and has involved Spain’s leading financial entities: Bankia, Bankinter, BBVA, Caixabank, Cajamar CajaRural, Ibercaja, Liberbank, Sadabell, Banco Cooperativo Español and Banco Pichincha España. Throughout the entire process Soltec has benefitted from the collaboration of Garrigues on legal matters.

Syndicated loans are a special financing method, defined by the joint intervention of several credit institutions that agree to authorise a loan which, due to its high amount, requires the cooperation of several financial institutions.

“We are grateful for the confidence that these financial entities have placed in us,” comments Morales. “This loan will allow us to continue supplying solar trackers to the increasing number of PV projects in which Soltec is involved in countries as diverse as Brazil, Egypt and Spain”.

Soltec’s global operations and a workforce of over 750 people bring together experience and innovation. Soltec has manufacturing centres in Brazil, China and Spain; and offices in Australia, Denmark, Chile, Egypt, the US, India, Israel, Italy, Mexico and Peru.

With a firm commitment to renewable energies and the environment, Soltec supports product standardisation and the success of its clients.