Davis Polk advised Soltec Power Holdings, S.A. on the Rule 144A/Regulation S initial public offering by Soltec Power Holdings of 31,146,717 of its ordinary shares. The initial public offering comprised a primary offering of new ordinary shares raising gross proceeds of approximately €150 million for Soltec Power Holdings. Grupo Corporativo Sefran, S.L., Soltec Power Holdings’ majority shareholder, may raise up to an additional €15 million if the over-allotment option under the underwriting agreement is exercised in full. The global offering comprised an offering to institutional investors within and outside of Spain, including in the United States pursuant to Rule 144A, and to employees and certain related investors outside the United States. Soltec Power Holdings’ shares are listed on the Spanish Stock Exchanges.

Soltec Power Holdings is a leading company specialized in providing integrated solutions in the solar photovoltaic industry, with a focus on tracking systems. Present in 16 countries worldwide with over 1,320 employees, it has delivered trackers for projects with a total cumulative installed capacity of approximately 7.1 GW. Soltec Power Holdings is comprised of Soltec Industrial, its tracker manufacturing business line that also offers installation and construction services, and Powertis, its project development business line. Soltec Power Holdings is headquartered in Murcia, Spain.

The Davis Polk capital markets team included partner Michael J. Willisch and associate Francisco J. Cespedosa. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Associate Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, New York and London offices.

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