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Soltec Reports €9.6 Million Q1 Loss, Optimistic for Recovery with 14GW Pipeline and US Market Focus.

Soltec, a Spanish company, reported a €9.6 million net loss in the first quarter of this year due to the extension of certain administrative processes in Spain and the publication of the guidelines for the Inflation Reduction Act (IRA) in the US. The company is optimistic that its financial fortunes will improve in the second half of the year, with 14GW of capacity at projects in eight countries in the company’s pipeline and 3.4GW of potential opportunities. The US, in particular, is an area of interest for the company, having deployed more than 2GW of trackers in the country. Soltec expects to double its revenue from the US market between 2022 and 2025.

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