Solaria breaks records with 107.5 million net profit and accelerates its international expansion with 50% of its project portfolio outside Spain
The company, leader in the development and generation of photovoltaic solar energy in Europe, has started work on its second flagship 700 MW Garoña and in Italy it is developing three flagship projects; La Spina (615 MW), Palermo (241 MW) and Il Pianozzo (200 MW) for a total of 1,056 MW.
Solaria, Europe’s leading developer and generator of solar photovoltaic power, generated 2.27 TWh in FY2023, 62% more production than in the same period last year. Revenues increased 37% to 230 million euros, EBITDA rose 36% to 200 million euros and net profit increased 19% to 107.5 million euros, the company said today.
The company continues to increase all items on its income statement and now has 3,188 MW in operation and under construction in Spain, Italy, Portugal, Greece and Uruguay. In addition, Solaria has already started work on its second flagship 700 MW Garoña photovoltaic complex.
SOLARIA, COMMITTED TO THE LOCAL ECONOMY
During 2023, Solaria has invested 329 million euros and will continue to develop renewable projects to achieve the energy transition in Europe in the coming years.In terms of employment, Solaria prioritises the hiring of local resources, both for the personnel required for construction and for the purchase of supplies, which is a strong value for the revitalisation of the local economy and employment.
Specifically, during 2023, Solaria has created 7,133 indirect jobs, in addition to its employees, through the contractors with which Solaria has worked in the construction of its solar plants.
ASSURED GROWTH BY 2024
Solaria currently has 1,658 MW in operation and 1,530 MW under construction. Solaria has secured financing for the next three years thanks to the EUR 1.7 billion framework agreement signed last September with the European Investment Bank (EIB).
At the same time, Solaria has signed with the EIB and Banco Santander the first loan under the umbrella of this framework financing for a total of €515 million for the construction of 24 photovoltaic plants located in Spain with a total installed capacity of 1.08 GW.
In addition to these significant events, last December the company announced the purchase of 500 MW of photovoltaic modules at a record price of 9.3 euro cents per watt from a Tier 1 manufacturer, which represents a 62% reduction compared to last year’s prices.
SOLARIA’S TECHNOLOGICAL AND GEOGRAPHICAL DIVERSIFICATION
Solaria continues with its strategy of geographic and technological diversification. During 2021, the company announced its goal of reaching 18 GW by 2030 and, at that time, it had a portfolio of 10 GW, 95% of which was in Spain and 5% in Portugal. Solaria currently has a much more geographically diversified project portfolio of 18.9 GW, of which 53% is in Spain, 30% in Germany, 14% in Italy and 3% in Portugal.
In terms of technological diversification, Solaria continues to innovate in other lines of business, such as hybridisation with wind energy and batteries. In this regard, Solaria will develop wind projects to optimise its asset base using the same connection points and the same evacuation infrastructure. Solaria has evolved in recent years from a 100% solar technology to a portfolio with 16% wind energy.
In addition, Solaria will develop energy storage projects hybridised with photovoltaic solar energy installations. The possible arrival of a new pay-per-capacity regulation in Spain at the end of the year, together with a considerable drop in the cost of batteries and the financing of this technology, make up the ideal triad for Solaria’s commitment to storage.
In this favourable context, Solaria is developing a pilot battery storage project at its 20 MW El Baldío plant (Cáceres, Extremadura).
FLAGSHIP PROJECTS IN SPAIN, ITALY AND PORTUGAL
Solaria’s strategy continues to focus on the development and construction of its flagship projects in Spain, Italy and Portugal, of which 5,600 MW correspond to photovoltaic solar plants and more than 700 MW to wind farms.
The company has six flagship projects in Spain with a total capacity of more than 4,800 MW, including the 700 MW Garoña project already under construction, and in Portugal it has a flagship project with a capacity of 453 MW.
In Italy, three flagship projects are under development: La Spina (615 MW), Palermo (241 MW) and Il Pianozzo (200 MW), totalling 1,056 MW.
All these projects add up to a total of 6,300 MW, which is more than one third of the company’s 2030 target.
Solaria’s Chairman, Mr. Enrique Díaz-Tejeiro, stated that “2023 has been a good year for Solaria, in which we have increased all our income statement items, reaching our target of 200 million EBITDA. We are optimistic about our growth prospects for 2024. We will continue with our international expansion plan where we will focus on Italy with the development of three flagship projects of 1,056 MW in total.
