Soltec Power Holdings SA (ES:SOL) has released an update.
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Soltec Power Holdings has announced a delay in publishing its semi-annual financial report for the first half of 2024, citing the need for a detailed audit by Ernst & Young to address potential project margin impacts and asset valuation adjustments. The company has also disclosed internal irregularities leading to disciplinary and management changes, including the appointment of a new CEO and chairman, as part of its broader corporate restructuring efforts. Despite these issues, Soltec estimates revenues of 250-260 million euros for the period and is recording income and expenses associated with ‘Bill & Hold’ contracts throughout 2024.
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