Madrid, 30 September 2020
PROFIT UP 50%; SOLARIA LEADING PHOTOVOLTAIC MARKET WITH 6,200 MW
Outstanding earnings and record power production in first half
Solaria upwardly revises targeted installed capacity
In a statement released earlier today, Solaria disclosed its 1H20 earnings and revised up its installed capacity target.
In the first half, the company generated 195.8 GWh, which triples its production during the same period a year earlier and constitutes a record in comparison to Solaria’s generation in preceding years. As a result of the upturn, REVENUES rose to €28.6mn, EBITDA registered a 39% increase to €22.4mn and NET PROFIT grew 49% to €14.8mn.
The company has 668MW onstream and under construction and has reiterated its target of 1,375MW by the end of 1Q21.
During the period, Solaria continued to register surging growth despite the COVID-19 pandemic, maintaining a significant uptrend in its connection point secured (IVAs) portfolio, which grew to 5,730MW in Spain and are fully backed by deposits and insured plots of land. The undertakings include four flagship projects that account for over 2,500 MW (Villaviciosa 932.5MW, Garoña 600MW, Trillo 626MW and Navarre 410MW) and provide the company with considerable visibility for coming years.
Solaria remains among the most Capex-efficient companies in Europe, building its current projects for less than €400,000/MW. This, in conjunction with its strict control of operating costs (Opex), allows the company to maintain its targeted ROI of 12% in a context of highly competitive prices.
In view of all of this and considering the excellent financing terms existing at this time, as well as Spain’s ambitious renewable-energy targets, Solaria believes that now is the time to accelerate and to update its strategic plan by upwardly revising its target from 3,325 to 4,150MW for 2023. This will result in increased visibility for the medium or long term, with 5,175MW in 2024 and 6,200 MW in 2025, allowing the company to become the leading generator of solar power on the Iberian Peninsula.
Solaria Chairman Enrique Díaz-Tejeiro said that,
“At this time, we are in a unique competitive position in Iberia. We have nearly 6,000MW in connection points and insured land and we are the most efficient company in terms of Capex and Opex. In view of this, we believe that now is the time to accelerate our business plan as leaders of the photovoltaic power market in Iberia”.