As an introduction, it is worth recalling that Soltec entered a deep financial crisis in mid-2024, facing one of the most complex financial moments in its history.
However, when the outlook seemed bleak, one year later the company obtained court approval for the plan proposed to restructure its debt and avoid insolvency proceedings.
As a result of this process, the company established a new medium-term payment schedule and strengthened its financial capacity through new guarantee facilities that will allow it to bid again for projects. At the same time, the agreement with DVC Partners to inject €45 million in liquidity marks the beginning of a new phase for Soltec, characterised by greater financial stability and a stronger capital structure.
Relive the full interview with Soltec’s CEO: https://www.youtube.com/watch?v=Z7qIMz3sAss
– To start with… how did renewables come into your life?
I’m an industrial engineer, and I began my career with Indra Group, a Spanish technology company. But I didn’t enjoy it very much, and I had completed a master’s degree in renewable energy because I was particularly interested in wind farms at the time (around 2002–2003).
– Did you know anyone in the sector?
I had a friend who owned a company developing projects. They were building a wind project in Castile and León, and I basically went to see it and fell in love with the sector. It was love at first sight.
– And Soltec?
After working at a subsidiary of what is now Naturgy (formerly Unión Fenosa – from 2004 to 2006), Fotowatio (2006–2020) and CPP Investments (2020–2023), Soltec’s founder, Raúl Morales, called me to join the project.
– Did you already know Raúl Morales?
Yes, we knew each other because the company where I worked was a client of Soltec, which supplied solar trackers, and we had completed some transactions with them. I joined Soltec with the objective of becoming CEO, but taking a first step as Chief Operating Officer.
– Why?
Because Raúl wanted me to join as soon as possible, while the appointment of the chief executive could only be approved at the shareholders’ meeting, which takes place in the summer.
– At what moment did that happen?
I joined at the beginning of 2024, with the objective of being appointed CEO in June of that year. That was the plan from the start.
– You took charge of the company during a crisis… what was it like facing the restructuring of Soltec?
There have been several key and intense moments over the past 18 months. One particularly difficult moment on a personal level was when Raúl Morales had to step down as chairman of the board (mid-2024), and in October 2024, I found myself without board members. Therefore, there was no governing body to make certain decisions.
– That must have been very difficult…
Another critical moment is that during restructuring phases, there are specific deadlines. We obtained two extensions, and the judge told us there would be no more, which created pressure to close the process by a certain date. Otherwise, the company would have entered insolvency proceedings.
– Looking back… why do you think the company managed to move forward?
The company was effectively bankrupt 18 months ago. People often talk about the loneliness of the CEO, but that loneliness must be reduced as much as possible by surrounding yourself with a strong team.
The most important thing is the team and never being alone. One of the greatest successes in moving Soltec forward was surrounding ourselves with a group of committed people who ensured the company did not disappear.
– And what comes next?
In the new Soltec, we will focus on trackers, positioning ourselves as a technology company, and we will retain two adjacent businesses to support the tracker business: on the one hand, operation and maintenance of our trackers, and on the other, project development.
– What about the independent power producer (IPP) business?
We will no longer do that. We will keep only project development, which is not very capital-intensive and helps support our trackers, because all projects will use our technology and we want to strengthen Soltec as a technology provider.
We have been in the sector for more than 20 years, and we have a long-term vision of remaining in the market for 20, 30 or even 40 years. What we want is to build a base of clients who continue to work with us, continue buying our products, and whom we can help develop their businesses.
– Which markets will you focus on?
We are very focused on markets where we already have a presence: Europe, the Middle East and Africa (EMEA), and all of the Americas, with particular focus on the United States, where our objective is for it to represent 50% of revenues within two years.
– What particularly attracts you about the United States?
Energy demand in the country is unstoppable, especially due to data centres. And the only way to meet that demand within the necessary timeframes is through renewables, particularly solar power.
– And Latin America? How would you rank the countries that interest you most today? Where do you start and how do you proceed?
The company’s core market has always been Brazil, but currently, due to grid availability and curtailment, project development and execution are paused until there is greater visibility. However, for us it will remain the main market in the long term.
– Only Brazil?
No, there are many opportunities in Chile. We are also active in Colombia and Peru. Argentina is always on our radar, but it needs policies that encourage renewable energy investment and provide a certain level of stability.
Meanwhile, in Mexico, the market has also been stalled for several years, but auctions are now being launched again, and projects are being awarded, which means the market is beginning to reactivate. However, for projects to be financeable, investors need confidence that they will be properly paid for the electricity produced.
Soltec once became number one in Latin America and held a dominant position in the region. I would like to gradually recover that position.
– You come from a restructuring process, but with the momentum to return to the market. What do you say to a client today when you start quoting projects? Why should they choose Soltec?
From a mechanical structural standpoint, we have the most robust tracker on the market in all versions (1P and 2P). We have more than 20 years of experience in the sector. The first tracker installed by Soltec was a dual-axis system installed in 2006 or 2007. The first 1P tracker was installed in Italy in 2009, and the first 2P tracker – where Soltec has been a pioneer – was installed in Chile in 2013. Few companies have that track record in the market.
– Looking ahead, what innovation can we expect?
We are investing a significant amount of money in technology, software and product improvements, which will result in better performance for clients, improved energy production, lower LCOE and better returns.
We already have our own electronics, and we are investing heavily in this technology to deliver enhanced applications for customers.
– On another note, given the strong growth of battery storage systems, is this a business you are already looking at?
We are monitoring it very closely because solar plants will increasingly be built with batteries. In the future, there will be very few standalone photovoltaic projects.
– What options are you evaluating?
We are starting to analyse it, but right now we want to focus on strengthening the tracker business.
Over the past 18 months, we have executed all projects without leaving any unfinished, and now we must get the machinery moving again.
– The rebirth of Soltec…
I prefer to move step by step. First, we focus on trackers, but it is true that we must find a role within the storage segment, particularly in how it integrates with trackers. We need to analyse where we can add value, because the battery market is already very competitive and we will not be able to compete directly, but we can adapt through integration with trackers.
– Before we finish… I’d like to know the person behind the executive. What do you do outside your role as CEO?
I have four children, and in my free time I like to play sports. One of the things I enjoy most is playing rugby, so whenever I can, I try to join a match.
– Which position do you play in rugby?
I used to play as number 2 and number 7, and now with age, I’m moving more towards positions 9 or 11.
– The role people have in sport often reflects the role they assume in other areas of life… does that apply in your case?
I was the team captain, so you can imagine there may be some overlap…
