Intermediate Mangement Report 3Q 2024
– Solaria continues to increase its portfolio in Europe, where it already has 20 GW under development in different countries and with different technologies such as solar, wind and batteries.
– The company is in negotiations with different American and European players to create joint ventures for the development of cloud and artificial intelligence data centers.
– In the last nine months, Solaria has increased its energy production to 2,120 GWh, which corresponds to 15% compared to the same period last year.
November 18, 2024
Solaria, a leading company in the development of renewable energies and infrastructures, today published its results for the first nine months of the year, and at the same time announced its entry into the United Kingdom with the opening of offices in Birmingham.
The choice of this market is due to the new renewable energy plan that the country will develop in the coming years. This plan will involve doubling onshore wind energy to 35 GW and tripling solar energy to 50 GW by 2030.
Solaria continues to increase its portfolio in Europe, where it already has 20 GW under development in different countries and with different technologies. As part of this diversification, the company continues to focus on hybridizing its solar photovoltaic plants with both wind energy and batteries. In this sense, Solaria will reach 3 GW of installed wind energy in Europe by 2030. With regard to hybridization with batteries, both Spain and Italy expect to have a new regulation in place by 2025 that will allow the acceleration of the installation of batteries.
Similarly, Generia, Solaria’s landco dedicated to the purchase of land where renewable assets are located in Europe, will accelerate its growth in the coming months thanks to the entry of a new investor in its capital.
The company will play a leading role in Europe’s digital and energy transition in the coming years. The creation of renewable and digital infrastructure clusters will guarantee energy sovereignty and data security in Europe.
According to Solaria’s Chairman, Mr. Enrique Díaz-Tejeiro: “Solaria continues to diversify its business both technologically and territorially. We are delighted to announce our entry into the United Kingdom, a market with a firm commitment to renewable energies where we need to be present. We are also continuing our commitment to data centers, making progress in negotiations with different players with whom we will create joint ventures”.
Joint ventures to develop data centers
One of the pillars of Solaria’s strategy will be the commitment to data centers, in fact, the company already has a portfolio of 1.7GW in three geographical areas of Spain: Madrid-Castilla-La Mancha, Garoña-Basque Country and Catalonia. The implementation of data centers in Europe will be very important for Solaria, as they are large consumers of energy, which will increase the demand for electricity in Europe.
These data centers will undoubtedly change the rules of the game for Solaria, as they will make the company a unique player in the sector. Solaria has a great added value; it provides the generation infrastructure of its plants, the land, offers the energy and the permission for its consumption and develops all the necessary procedures for the development of the data center. In this way, Solaria also adds value to its own electrical infrastructures linked to its energy generation projects in operation, construction and development, such as almost 900 km of electrical lines and 97 substations.
Solaria is currently in negotiations with different American and European players to create joint ventures for the development of cloud and artificial intelligence data centers. Likewise, the company continues to make progress in negotiations for the development of a data center in its former industrial facilities in Puertollano (Ciudad Real).
Recovery of energy prices
During the third quarter of the year, it is worth noting that energy prices have been recovering. In the last nine months, Solaria has increased energy production to 2,120 GWh, which corresponds to 15% compared to the same period last year.
Revenues decreased by 9% to 157.4 million euros, EBITDA decreased by 14% to 131.6 million euros – impacted by the 7% tax on electricity generation – and net profit reached 57.1 million euros. In the first nine months of the year, the company has invested 184 million euros in Spain, Italy and Germany.
Solaria reiterates its goal of reaching 210 million euros of EBITDA by the end of 2024. The company will also double its installed capacity during 2025 to 3,033 MW in operation.
