Solaria will invest 2,600 million euros in Europe over the next three years

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  • In the first six months of the year, the Company has increased its revenues by 32% to 99.6 million euros and its EBITDA has increased by 31% to 89 million euros.
  • Solaria has signed a new power purchase agreement with one of Europe’s leading electricity companies for 126 MW of capacity for 10 years.
  • The company is accelerating its international expansion in Italy, Portugal and Germany, while at the same time committing to the hybridisation of its plants.
  • It has secured financing for the next three years thanks to the framework agreement it has signed with the European Investment Bank for 1.7 billion euros for 5.6 GW.

28th, September 2023

Solaria, a leading company in the development and generation of photovoltaic solar energy in Europe, today published its results for the first half of 2023.

Solaria has ended the first half of the year with an increase in the main financial figures: revenues have increased by 32% to 99.6 million euros, EBITDA has also increased by 31% to 89 million euros and net profit has grown by 15% to 50.1 million euros.

As part of its strategic plan, Solaria plans to invest 2,600 million euros in Europe over the next three years. The company currently has 3,083 MW in operation and under construction.

Value creation

Solaria has signed a new Power Purchase Agreement (PPA) with one of Europe’s leading electricity companies for 126 MW of capacity. This agreement, which will start in January 2024 and will have a duration of 10 years, has a price improvement of 40% compared to the last PPA signed by Solaria. The solar PV company reinforces its leadership in the Iberian PPA market, with 1.5 GW signed with leading national and international players.

In terms of construction costs, the price of modules has fallen drastically, with a 40% drop. In this respect, Solaria reinforces its position as leader in lower capex.

Geographical and technological diversification

Solaria continues its geographical diversification and accelerates its international expansion in Europe. The company already has a project portfolio of 2.5 GW in Italy with the aim of reaching 5 GW by 2030. In Portugal, it has secured more than 500 MW, which is 50% of the target that the company has set itself to achieve in the country by 2030.

In addition, Solaria has already started activities in Germany, where it has identified new opportunities for 5.6 GW. Solaria’s commitment to Italy, Portugal and Germany is fully aligned with the European Union’s target of reaching 45% renewables by 2030.

Solaria remains committed to diversifying its business lines in the coming years and will hybridise its photovoltaic installations with wind power technology. It currently has 1.2 GW of wind energy under development.

Secured financing for the next three years

Solaria has a solid financial position. On 25 September, the company signed a EUR 1.7 billion framework agreement with the European Investment Bank (EIB) to finance a portfolio of 5.6 GW of photovoltaic projects in Spain, mainly in Italy and Portugal. Thanks to this agreement, the company has secured its financing needs for the next three years.

At the same time, Solaria has signed with the EIB and Banco Santander the first loan under the umbrella of this framework financing for a total of €515 million for the construction of 24 PV plants located in Spain with a total installed capacity of 1.08 GW.

According to Solaria’s Chairman, Mr. Enrique Díaz-Tejeiro, „We are successfully advancing in the achievement of our strategic plan for 2030 based on three pillars; value creation in the PV sector, expansion in key European markets and hybridisation with wind technology. We are also proud to once again have the confidence of the EIB and Banco Santander and can look to the future with certainty“.

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