Consolidated financial statements 1H 2024
Results presentation 1H 2024
Sustainability Report 1H 2024
- Financial results for the first half of the year have been resilient, in fact, despite the drop in wholesale energy prices, the impact on sales, revenues and net profit has been very limited.
- Solaria expects to have the first wind farm construction authorizations by 2025 within the portfolio of more than 3,000 MW in its portfolio.
September 30, 2024
Solaria, a leading company in the development and generation of renewable energy in Europe, today published its results for the first half of 2024.
In this first half of the year, financial results have been resilient, in fact, despite the drop in wholesale energy prices, thanks to higher power generation (+22%) and signed PPAs (long-term power sales) the impact on sales, revenues and net profit has been very limited.
The financial results for the first half of the year were as follows: revenues decreased by 2% to 97.8 million, EBITDA fell by 5% to 84.3 million and net profit fell by 17% to 41.6 million euros. On the other hand, sales have decreased slightly, by 2% compared to the previous year, compensated by the increase in energy production by 22% to 1,224 GWh and the sale of its energy through PPAs.
As part of its strategic plan, Solaria has invested 112 million euros in the first six months of the year and has obtained new construction authorizations for an additional portfolio of 1 GW. As a result, it now has a diversified project portfolio of 18 GW, of which 3.1 GW are in operation and under construction.
Firm commitment to data centers
Last May, Solaria entered the data center business through the creation of Solaria Data Center, whose objective is to use its own electrical infrastructures linked to its power generation projects in operation, construction and development for the deployment of these projects. Solaria will provide these facilities with access to the electricity grid, energy through the signing of PPAs and other services related to the development of the projects and facilities.
In fact, Solaria has already obtained 270 MW of assured capacity for consumption linked to its generation facilities and aims to reach a total of 1,000 MW through the demand requests already submitted.
As a relevant advance in this new line of business, Solaria has signed an agreement with the Japanese technology company Datasection to develop an Artificial Intelligence Data Center in its former industrial facilities in Puertollano (Ciudad Real). This project has a first phase of 40 MW based on the clean rooms of the former photovoltaic cells factory and will have an initial investment of close to 500 million euros. A possible expansion of the facilities up to 200 MW of power is also foreseen.
The company is firmly committed to the development of this new line of business based on this project, which will become the largest artificial intelligence data center in Spain and one of the largest in the European Union.
Technological diversification
With respect to hybridization with wind energy, Solaria continues to advance with its developments by hybridizing its solar installations and maximizing the use of its evacuation infrastructures, such that it already has 400 MW under evaluation and expects to have its first construction authorizations by 2025 within the portfolio of more than 3,000 MW in its portfolio.
Good prospects
For the second half of the year, an improvement in all business figures is expected due to the increase in energy prices, among other factors. In this sense, Solaria expects to reach an EBITDA of around 210 million euros by the end of the year and to increase its cash flow to 94 million euros in the third quarter.
Looking ahead to 2025, the company expects to obtain more extraordinary income thanks to the diversification of its business; the rotation of assets in Spain, the signing of new agreements with data centers and the increase in the capital of its landco Generia, reaching a total of 250 million cash. Following this trend, Solaria will generate one billion cash in the next four years.
According to Solaria’s Chairman, Mr. Enrique Díaz-Tejeiro, “Solaria will be a key player in Europe’s digital and energy transition in the coming years thanks to the diversification of its business lines: solar and wind energy, batteries, hydrogen, data centers and land management. We continue to make steady progress in achieving our strategic plan”.
