Intermediate Management Report 1Q24
- Solaria enters the data center business and, to this end, has created the company Solaria Data Center. It has received access and connection authorization from REE for 155 MW of demand, and has another 860 MW requested.
- Enrique Díaz-Tejeiro: “We continue to diversify our business by focusing on infrastructures and data centers, which will make us a key player in the energy and digital transition in Europe”.
- In an environment of low energy prices, revenues have increased by 9% to 48.6 million, energy production has increased by 22% reaching 406 GWh and EBITDA has also climbed by 4% to 41.8 MM€.
- Solaria already has visibility over 4.3 GW including projects already in operation, under construction and close to ready to build.
- It is currently in the process of negotiating the closing of 400 MW operating in PPAs. The company will reduce its exposure to market prices by 50% until the end of the year
May 27, 2024
Solaria, a leading developer and generator of photovoltaic solar energy in Europe, today announced its results for the first quarter of 2024.
During this period, Solaria has broken records in revenues and EBITDA despite the low price scenario. Revenues increased by 9% to 48.6 million euros, EBITDA also climbed by 4% to 41.8 million euros and net profit decreased by 5% to 23.6 million euros.
In the first quarter of 2024, despite the low radiation, energy production increased by 22% to 406 GWh, thanks to the commissioning of new plants.
In this context of low prices, Solaria has improved its results, specifically, sales have increased by 6% thanks to the increase in production and infrastructure revenues driven by pipeline rotation.
Solaria continues to grow and already has visibility over 4.3 GW including projects already in operation, construction and close to ready to build.
“In these first months of 2024 we have delivered excellent results within a volatile price scenario. We demonstrate, once again, that we are a solid company. We continue to diversify our business by focusing on infrastructure and data centers, which will make us a key player in the energy and digital transition in Europe,” said Enrique Díaz-Tejeiro, Chairman of Solaria.
Entry into the data center market
Regarding its strategy to diversify its business lines, Solaria has entered the data center market and, for this purpose, has created the company Solaria Data Center. Likewise, the company has already obtained from Red Eléctrica the viability of access and connection for the supply of demand for a total of 155 MW for data processing centers (DPCs), and has requested another 860 MW for the same purpose, which in total could allow it to have close to 1 GW of power to supply these new data infrastructures.
To develop this new activity, the company will use its own electrical infrastructures linked to its energy generation projects in operation, construction and development, which include not only its own power infrastructures (generation, substations and high voltage lines), but also fiber optics for the connectivity of these centers.
Data processing centers (DPCs) and Artificial Intelligence (AI) will require large amounts of energy. For this reason, Solaria has established itself as a firm ally of the digital transformation of Spain, firmly committed to it.
Value creation
Solaria has recently announced that it has executed the best module purchase in its history. The company has purchased 435 MW of photovoltaic modules at a price of 9.11 euro cents per watt from a leading manufacturer.
This purchase, added to the one made last December, brings the total to 1 GW of modules at a record price of 9 cents per watt.
With regard to the sale of energy, Solaria has 400 MW of power which is currently in the process of negotiation for the closing of Power Purchase Agreements (PPAs). In this sense, the company will reduce its exposure to market prices by 50% until the end of the year.
Solaria has also sold non-strategic pipeline that is in an early stage of development, which has allowed the company to obtain additional revenues of close to €13 million.
Update of the strategic plan
The company has announced that it will update its strategic plan next September for analysts and investors. From this plan it should be noted that Solaria, thanks to its production of clean, renewable, cheap, safe and sovereign energy, will actively participate in the digital and energy transition in Europe.
