– Revenues have increased by 23% to 44.7 million euros and EBITDA has grown by 21% to 40.1 million euros.
– Solaria continues to execute its strategic plan on a quarterly basis, which aims to reach 3,083 MW in operation and under construction by the summer of 2024, doubling its capacity in just 18 months.
– The company has connected to the grid the first of its large projects, Cifuentes-Trillo 626 MW, and has obtained environmental permits and administrative authorisations for more than 4 GW of projects, including the group’s other two large projects, Garoña and Villaviciosa.
4 May 2023
Solaria, a leading developer and generator of photovoltaic solar energy in Europe, today announced its results for the first quarter of 2023.
During this period, Solaria has recorded strong growth compared to the same period last year. Revenues increased by 23% to 44.7 million euros, EBITDA also rose by 21% to 40.1 million euros and net profit increased by 22% to 25 million euros.
The company has made a record investment of 375 million euros in the last 12 months, of which 115 million euros were invested in the first three months of the year, 76% more than in the same period last year. The acceleration of investments reflects an improvement in project execution.
In the first quarter of 2023, energy production has increased by more than 50%, reaching 332.7 GWh, thanks to the commissioning of new plants.
Solaria continues to meet its strategic plan on a quarterly basis, which aims to reach 3,083 MW in operation and construction by the summer of 2024, doubling its capacity in just 18 months.
“The record investments we have made over the last 12 months demonstrate Solaria’s commitment to achieving a decarbonised society. It is important to note that photovoltaic solar energy will be key to achieving European strategic autonomy and Solaria will play a fundamental role in this process”, says Mr. Enrique Díaz-Tejeiro, Chairman of Solaria.
New environmental permits and connection points
The first quarter of 2023 has been key in the fulfilment of Solaria’s strategy with the grid connection of the first of its major projects, Cifuentes-Trillo 626 MW, as well as the obtaining of environmental permits and administrative authorisations for more than 4 GW of projects, including the Group’s other two major projects, Garoña and Villaviciosa, meeting the milestones established in Royal Decree-Law 23/2020.
It has also obtained new connection points for the installation of 330 MW of photovoltaic power in the provinces of Girona and Tarragona and has obtained favourable environmental impact statements (EIS) for 375 MW for the Casal de Valeira and Vale Pequeno plants in Portugal. The achievement of these environmental permits, added to the 63 MW plants already in operation in Portugal, will enable it to reach the target of 500 MW by 2025 in the Portuguese country.
The achievement of these new environmental permits and connection points demonstrates that Solaria continues to fulfil its strategic plan. The development of large flagship solar photovoltaic power generation projects, which allow significant synergies and savings throughout the development, construction and operation process, will be one of the pillars of its strategy with the aim of strengthening its leadership in southern Europe.
5.6 GW financing with the European Investment Bank
As part of the agreement signed with the European Investment Bank (EIB) last February, which includes the financing of 1,700 million euros for the construction of 5.6 GW, the company is currently negotiating the financing of 1.1 GW, which it expects to close this summer. This agreement covers 50% of the financing required for the development and execution of all these projects, which shows the reliability, seriousness and strength of Solaria as a leading company in an environment of great uncertainty.
European energy autonomy
In the current context, it is important to underline that the contribution of photovoltaic solar energy to European strategic autonomy requires predictable, stable and effective regulatory measures that provide security and incentives to investors, developers and citizens. In this scenario, Solaria will play a key role as a solar PV leader in Iberia.
