SOLARIA TRIPLES ENERGY PRODUCTION, INCREASING PROFIT BY 39% AND REPORTING €7.19mn IN NET PROFIT

May 2020

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Madrid, 18 May 2020

 

 

In a statement released earlier today, Solaria disclosed its 1Q20 earnings.

 

In the first quarter, the company generated 78.8 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 €12.02mn, EBITDA registered a 20% increase to €9.3mn and NET PROFIT grew 39% to €7.19mn.

 

In addition to the disclosure of earnings, Solaria reported its great success in obtaining new connection points, with over 1,300 MW in feasibility access permits obtained in the first quarter. It is expected that this figure will continue to grow in coming months.

 

Solaria ended the first quarter with a healthy balance sheet, reporting over €94mn in cash, and the company’s solvency was backed by an upgrade of its credit rating to BBB. This should allow Solaria to carry on with its projected growth and to maintain its targeted installed capacity for coming years.

 

It is worth noting that investment costs of solar photovoltaic technology continue to fall, making PV even more competitive, a key strength during periods of adjustment of energy prices.

 

Solaria Chairman Enrique Díaz-Tejeiro said that, despite the crisis, Solaria is maintaining all the commitments it has undertaken in relation to its shareholders. He stated that the company’s projected growth will not be affected and that its target of 3.3GW in 2023 remains unchanged, adding that plans are made to be completed and that now, more than ever, the company must undertake new projects, generate wealth and provide employment to over 3,000 workers in 2020. He concluded by saying that the aforementioned strategy is the best way for Solaria to help society to overcome the COVID-19 crisis.

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SOLARIA has reached an agreement with Natixis S.A. for the long term financing of 252MW

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