Solarpack boosted by project commissioning efforts in H1

Solarpack increased its H1 operating revenues nearly three-fold (191%) year-on-year to €78.84 million (US$93.64 million), thanks in part to the commissioning of PV projects in Spain, Chile and India.

The Spain-headquartered EPC posted net profit of €4.8 million in the first half of 2020, up from €600,000 a year earlier.

The company also announced it has increased its backlog of contracted projects to 513MW after being awarded a 25-year PPA with Solar Energy Corporation of India for the 397MW Gorbea project in India last month. During H1, the firm broke ground on 10MW of projects in Chile and finished the construction of 150MW of solar assets for third parties in Spain.

Solarpack’s power generation unit was the standout performer in H1 2020, with revenues of €28.3 million and EBITDA of €25 million, up 101% and 103% respectively on the year-ago period. The company said these figures highlight the contribution of energy sales from the commissioning of 288MW of projects and from assets acquired in Peru at the end of 2019.

The services business saw revenues rise 60% on H1 2019 thanks to new contracts, while EBITDA was down 41% as a result of higher costs relating to the commissioning of projects. As of June 2020, this segment provides O&M services to 499MW of solar projects and asset management for 583MW of Solarpack’s and third-party projects.

The company said it continues to maintain its growth despite COVID-19, albeit with some negative impacts on electricity sale revenues in Spain and Chile due to the reduction of spot prices and adverse exchange rates in those markets. It warned that coronavirus-related restrictions could delay the construction of future projects by two or three months.

Tags: spain, company results, financial results, solarpack, commissioning, india, chile, covid-19