Soltec, Spanish listed Company leader in the renewable energy sector, has announced the signing of a €100 million financing agreement with the credit fund advised by Incus Capital to fund its renewable asset management and exploitation business (Soltec Asset Management).
Through this agreement, Soltec seeks to add value to and speed up the growth of Soltec Asset Management, its business division dedicated to the investment, exploitation, and management of renewable energy assets, and guarantees the construction and operation of some of the projects in the project development portfolio, mainly in Europe (Spain, Italy) and Brazil.
The Company announced this new division in 2022 to gradually become an IPP (Independent Power Producer), within the vertical integration strategy included in its 2022-2025 Strategic Plan. Soltec has two other business divisions: the industrial division and the project development division.
Soltec’s CEO, Raúl Morales, said “This deal allows us to vertically integrate and to begin to enhance the real value of our renewable business, while providing us with the necessary funds to continue with our ambitious roadmap for the coming years.”
Soltec retained Mirabaud as financial advisor, and Uria Menéndez as legal advisor.
Incus Capital, on the other hand, had Taiga Mistral as technical advisor, and Linklaters as legal advisor.
Uría Menéndez advised Soltec with a team made up of partner Ignacio Álvarez Couso, senior associate Marta López Narváez and associate Álvaro Martín Sierra.
Linklaters advised Incus Capital with a team formed by partner Juan Barona, managing associate Javier Hernández, associate Aurora Mínguez and junior associate Patricia Rovira.
Soltec´s in-house team was formed by Legal Global Manager Renewable Energy Sergio León Comazzi, Legal Global Manager Ginés Valera Gómez and Chief Legal Officer Silvia Díaz de Laspra Morales.