– In 2023, Solaria generated 2.27 TWh, which represents a 62% increase in production compared to the same period of the previous year.
– The company has invested 329 million euros and has created more than 7,000 indirect jobs in the last twelve months.
– Solaria has started the works of its second flagship 700 MW Garoña and it is developing three flagship projects in Italy; the Spina 615 MW, Palermo 241 MW and Il Pianozzo 200 MW for a total of 1,056 MW.
– The commitment to wind energy and storage will be key to the company’s strategy.
28 de febrero 2024
Solaria, a leading company in the development and generation of photovoltaic solar energy in Europe, today published its results for the 2023 financial year.
During this period, Solaria generated 2.27 TWh, which represents a 62% increase in production compared to the same period last year. Revenues increased by 37% to 230 million euros, EBITDA rose by 36% to 200 million euros and net profit increased by 19% to 107.5 million euros.
The company continues to increase all the items on its income statement and already has 3,188 MW in operation and under construction in Spain, Italy, Portugal, Greece and Uruguay. In addition, Solaria has already started the construction of its second flagship, its 700 MW Garoña photovoltaic complex.
COMMITTED TO THE LOCAL ECONOMY
During the year 2023, Solaria has invested 329 million euros and will continue to develop renewable projects to achieve the energy transition in Europe in the coming years.
In terms of employment, Solaria prioritizes the hiring of local resources, both for the personnel required for construction and for the purchase of supplies, which represents a strong value for the revitalization of the local economy and employment.
Specifically, during the year 2023, Solaria has created 7,133 indirect jobs, beyond its employees, through the contractors with which Solaria has worked in the construction of its solar plants.
ASSURED GROWTH BY 2024
Solaria currently has 1,658 MW in operation and 1,530 MW under construction. In this sense, Solaria has secured financing for the next three years thanks to the framework agreement of 1,700 million euros signed last September with the European Investment Bank (EIB).
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 photovoltaic plants located in Spain with a total installed capacity of 1.08 GW.
In addition to these significant events, last December the company announced the purchase of 500 MW of photovoltaic modules at a record price of 9.3 euro cents per watt from a Tier 1 manufacturer, a 62% reduction compared to last year’s prices.
TECHNOLOGICAL AND GEOGRAPHIC DIVERSIFICATION
Solaria continues with its strategy of geographic and technological diversification. In 2021, the company announced its goal of reaching 18 GW by 2030 and, at that time, it had a portfolio of 10 GW of which 95% was in Spain and 5% in Portugal. Solaria currently has a much more geographically diversified project portfolio of 18.9 GW, of which 53% is in Spain, 30% in Germany, 14% in Italy and 3% in Portugal.
In terms of technological diversification, Solaria continues to innovate in other lines of business such as hybridization with wind energy and batteries. In this sense, Solaria will develop wind projects to optimize its asset base using the same connection points and the same evacuation infrastructure. Solaria has evolved in recent years from a 100% solar technology to a portfolio with 16% wind energy.
On the other hand, Solaria will develop hybrid energy storage projects with photovoltaic solar energy installations. The possible arrival of a new pay-per-capacity regulation in Spain at the end of the year, together with a considerable decrease in the cost of batteries and the financing of this technology, make up the ideal triad for Solaria’s commitment to storage.
In this favorable context, Solaria is developing a battery storage pilot project at its El Baldío 20 MW plant (Cáceres, Extremadura).
FLAGSHIP PROJECTS IN SPAIN, ITALY AND PORTUGAL
Solaria’s strategy continues to focus on the development and construction of its flagship projects in Spain, Italy and Portugal, of which 5,600 MW correspond to photovoltaic solar plants and more than 700 MW to wind farms.
The company has six flagship projects in Spain with a total capacity of more than 4,800 MW, including Garoña 700 MW project already under construction, and it has a flagship project with a capacity of 453 MW in Portugal.
In Italy, three flagship projects are under development: Spina (615 MW), Palermo (241 MW) and Il Pianozzo (200 MW), totaling 1,056 MW.
All these projects add up to a total of 6,300 MW, which is equivalent to more than one third of the company’s 2030 target.
Solaria’s Chairman, Mr. Enrique Díaz-Tejeiro, stated that “2023 has been a good year for Solaria, in which we have increased all our income statement items reaching our target of 200 million EBITDA. We are optimistic about our growth prospects for 2024. We will continue with our international expansion plan where we will focus on Italy with the development of three flagship projects of 1,056 MW in total”.
