Solaria breaks records in 2021 and increases its EBITDA by 90%

2021 Earnings Presentation

2021 Financial Statements

2021 Sustainability Report


February 28, 2022

Solaria, a leading company in the development and generation of photovoltaic solar energy in Southern Europe, today published its results for the 2021 financial year.

During this period, Solaria generated 862.5 GWh, which represents a 70% increase in production compared to the same period last year. Revenues increased by 71% to 110.5 million euros, EBITDA rose by 90% to 93.4 million euros and net profit increased by 58% to 48 million euros. At the end of 2021, Solaria has a healthy balance sheet, with €153 million in cash, despite having invested €195 million in the year.

The company has 2,057 MW in operation and under construction and reiterates its goal of reaching 18 GW by 2030

New agreements

As part of its financing strategy, the company has signed the largest agreement in its history with ABN AMRO, Commerzbank and the EIB for the construction of 736 MW. The financing is articulated under the Project Finance modality for an amount of 375 million euros.

Regarding other agreements, Solaria has given an institutional investor a 30% stake in a company for the development of two photovoltaic projects, with a total capacity of 100 MW.

International expansion

Solaria continues its international growth with a focus on southern Europe. In line with European Union targets, renewable electricity production on the continent will increase from 32% to 65% by 2030. To achieve this goal, 80GW will be installed over the next eight years in Solaria’s key countries (Spain, Italy and Portugal).

Solaria’s implementation in Portugal is already a reality. The company has 63 MW in operation and under construction, and 440 MW under development.

In Italy, the company has opened a new headquarters in Rome to contribute to the achievement of the objectives of its strategic plan: to reach 3 GW in Italy by 2030. By the end of 2022, it will already have 40 MW under construction.

Commitment to technology

Since its inception, Solaria has been committed to technological innovation to improve its efficiency and be at the forefront of the sector. In this regard, the company has signed a collaboration agreement with Enagás to develop a green hydrogen plant.

On the other hand, Solaria will introduce floating photovoltaic panel solutions. It will also participate in April in the next Portuguese auction of 263 MW, which will be entirely dedicated to this technology.

Sustainable commitments

Solaria, in line with its sustainable strategy, has published for the second consecutive year and on a voluntary basis the Sustainability Report for the year 2021, prepared in accordance with the indicators of the Global Reporting Initiative (GRI), which summarizes the progress made by Solaria during the year, its main figures in non-financial matters, as well as the commitments and objectives assumed. As a novelty, this year it has been verified by an independent auditor.

Regarding its commitment to the environment, Solaria continues on its path towards zero net emissions. It has reduced its CO2 emissions with respect to 2019 by 78%, thus exceeding its emissions reduction target of 14% by the end of 2021, and has offset the emissions it cannot avoid through two reforestation projects, one in Uruguay and the other in Castilla y León (Burgos). In addition, with the generation of solar energy, Solaria avoids the emission of some 216,000 tons of carbon dioxide into the atmosphere.

In the social area, employees have increased by 40% with respect to 2020 and has met its objectives established during the year.

Solaria is a member of the United Nations Global Compact, actively contributing to the SDGs and the 2030 Agenda, with special emphasis on the fight against climate change, respect for the environment, protection of the environment in which we operate and local communities, based on ethics and good business practices. It has also adhered to other global standards such as the working group on disclosure related to climate risk.

In the words of Solaria’s Chairman, Mr. Enrique Díaz-Tejeiro: „In 2021 we have shown that, both in times of prosperity and uncertainty, Solaria continues to grow above the market. This year we will continue on the path of growth and we will also incorporate new technologies such as hydrogen and floating photovoltaic panels“.

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