MADRID, October 6th (Reuters). Soltec, a Spanish manufacturer of systems for solar power plants, planned to go public on Tuesday, making it the first company to target the Madrid Stock Exchange since COVID-19 boosted the global economy into the crisis.
Soltec plans to raise 150 million euros ($ 177 million) to fund its expansion in the fast-growing solar market, it said in a statement, but did not say how much of the company would go public.
Through the construction and sale of tracking devices with which solar collectors can follow the movement of the sun, and the development of its own generation systems in Europe and Latin America, Soltec achieved sales of 359 million euros last year.
The Madrid stock market is a hotspot for renewable energy companies and their suppliers, where Iberdrola, Acciona and Siemens Gamesa take place.
The Spanish government is a vocal supporter of the European Union's plans to make the bloc climate neutral by 2050, and is planning its own large-scale development of renewable energies, including roughly quadrupling solar capacity by 2030.
$ 1 = $ 0.8491 coverage from Inti Landauro and Isla Binnie; Adaptation by Jason Neely