MADRID: Soltec, a Spanish manufacturer of equipment for solar power plants, said on Tuesday it plans a stock market listing, becoming the first company to set its sights on the Madrid bourse since COVID-19 tipped the global economy into crisis.
Soltec aims to raise 150 million euros ($177 million) to fund its expansion in the fast-growing solar energy market, it said in a statement, but did not say how much of the company would go public.
Building and selling tracking equipment which helps solar panels follow the movement of the sun and developing its own generation plants in Europe and Latin America earned Soltec 359 million euros in revenue last year.
The Madrid stock market is a hotspot for renewable energy firms and their suppliers, hosting Iberdrola, Acciona and Siemens Gamesa.
The Spanish government is a vocal supporter of European Union plans to make the bloc carbon neutral by 2050, and plans its own large-scale renewable energy development including roughly quadrupling its solar capacity by 2030.