Soltec enters pre-insolvency as Spanish regulator halts trading of shares
- Admin
- Sep 27, 2024
- 3 min read
Spain's CNMV has suspended trading in shares of Soltec until it publishes its financial results for the first half of 2024. Soltec is conducting a detailed review with the assistance of Ernst & Young. The company is facing challenges with margins on projects and valuation of assets in Brazil. It estimates its revenue for the first half of 2024 to be between €250 million and €260 million. Soltec informed CNMV about discrepancies in its 2023 accounts and has declared pre-insolvency. Despite financial challenges, Soltec aims to reach a restructuring agreement with creditors. The company recently appointed a new CEO and made changes to its management team. In other news, Powerchina has switched on a 100 MW solar tower in South Africa, supplying clean energy.
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