Link to Results
Link to Third Quarter Presentation
Madrid, 16 November 2020
Earlier today, the company reported its 9M20 earnings to Spain’s stock-market authority CNMV.
In the first nine months of 2020, Solaria generated 412 GWh, constituting a 379% increase vs. the same period a year earlier. REVENUES rose 60% to €48.55mn, EBITDA climbed 61% to €37.64mn and NET PROFIT increased 79% to €25.13mn. At the end of the third quarter, the company’s balance sheet was strong, with €89mn in cash despite a significant upturn in investment that resulted in a net increase of €60mn in tangible fixed assets.
Solaria has 800MW onstream and under construction and is maintaining targets of 1,375MW in installed power at the end of 1Q21 and 2,150MW at the end of 2021. The company expects to have all required permits for the 626MW Trillo project in the first quarter of 2021.
Despite the pandemic, Solaria has managed to sustain its growth with double-digit improvements in earnings, the signing of new PPAs and financing of new projects.
Looking toward a post-COVID scenario, management foresee significant improvement of market conditions (greater demand for electricity, which will likely result in more advantageous prices and shorter waiting time for permits). With the signing of new PPAs and the announcement of new energy auctions in Spain, in which it is expected that Spain will acquire 10GW over the next five years, it seems likely that Solaria will meet its target of achieving 6,200MW in 2025 and becoming the leading generator of solar power in Spain and Portugal.
Solaria Chairman Enrique Díaz-Tejeiro pointed out that the company had managed to continue registering growth and releasing record earnings in spite of the adverse conditions, adding that he and his staff are more confident than ever that Solaria will become the leading independent player in Spain and Portugal, with 6,200MW in 2025.
