Solaria breaks records with 90 million in net profit and consolidates its position as the leading photovoltaic company in Iberia with 2,786 MW in operation and under construction

28 February 2023

Solaria, a leading developer and generator of solar photovoltaic power in southern Europe, today announced its results for the 2022 financial year.

During this period, Solaria generated 1.4 TWh, which represents a 63% increase in production compared to the same period last year. Revenues increased by 51% to 167.3 million euros, EBITDA rose by 58% to 147.1 million euros and net profit increased by 87% to 90 million euros. At the end of 2022, Solaria has a healthy balance sheet, with 150.7 million euros in cash, despite having invested 331 million euros in the year.

The company continues to increase all items on its income statement and has grown faster than the sector over the last five years.

Leader in Iberia

In recent months, Solaria has reached 2,786 MW in operation and construction, consolidating its position as the leading photovoltaic company in Iberia. In addition, the Company has reached 7.7 GW in connection points in Spain and Portugal. In this way, Solaria has already reached the total visibility of 6.2 GW that responds to its objective for 2025.

This year 2022 has been a turning point for Solaria in which, in addition to continuing to increase by more than 50% all items on its income statement and continuing to grow above the sector, it has made significant progress in the construction of Cifuentes-Trillo 626 MW, one of the Company’s flagship projects.

Solaria has also achieved major milestones such as obtaining favourable environmental impact statements (EIS) for an additional 2.5 GW, including the company’s flagship photovoltaic plants such as Cifuentes-Trillo (Guadalajara), Garoña (Burgos) and Villaviciosa (Toledo-Madrid). The company currently has a total of 4.5 GW with a favourable EIS.

Indicative agreement with the European Investment Bank

The European Investment Bank (EIB) and Solaria have reached an indicative agreement for the evaluation and potential financing of € 1.7bn for the construction of 5,6GW of Solaria’s project portfolio, subject to EIB Project Evaluation and approval. These projects will be developed in Spain (4,845MW), Italy (382MW) and Portugal (375MW).

Privileged position in Europe

Solaria, year after year, continues to meet its roadmap for 2030, in line with the objectives of the European Union and its REPowerEU plan, which envisages the annual installation of more than 50 GW of solar energy, reaching 600 GW in 2030.

Solaria has a privileged position in Europe. In the countries where the company is present, 28 GW per year will be installed, which is more than 50% of the European Union’s target.

The time for solar energy is now and Solaria, as a benchmark company in the energy transition, will continue to work to promote a rapid and massive deployment of renewable energies throughout Europe, so that they become our main energy supply and, consequently, the basis for the progress of fairer, more sustainable and environmentally friendly societies.

„2022 has been a turning point for our company. We are proud to be able to say that we have consolidated our position as the leading photovoltaic company in Iberia with 2,786 MW in operation and under construction. We continue to fulfil our objectives and we already have full visibility on the 2025 target of reaching 6.2 GW“, says Mr. Enrique Díaz-Tejeiro, Chairman of Solaria.

 One of the most sustainable companies in the world

Last November, Solaria obtained the highest ESG rating from Morgan Stanley Capital International (MSCI), going from an „A“ to an „AAA“ and placing it among the Top 15 utilities. With this achievement, the company, which has moved up two notches, joins the exclusive group of securities that receive a „AAA“ rating for environmental, social and corporate governance issues.

It also continues to work every day to combat climate change and reduce greenhouse gas emissions. For this reason, Solaria has set itself the goal of achieving carbon neutrality by 2030.

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