Revenue record helps Soltec reduce full-year net loss as development pipeline grows

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Soltec released a strong Q4 and ended 2021 with 10.3GW of pipeline for their project development division. Image: Soltec.

Solar tracker manufacturer and project developer Soltec witnessed a strong Q4 performance help reduce its loss for the full year to €1.2 million (US$1.34 million), with its project pipeline growing to in excess of 10GW.

Soltec recorded revenues of €160 million in Q4 2021, lifting the company’s full-year revenues to a record €346.5 million, up 47% year-on-year. That figure helped the firm reduce its net loss for the year to €1.2 million, having recorded a net loss of €5 million the year before.

Soltec also witnessed its project development pipeline swell to 10.3GW at the end of the year.

The pipeline consists of 722MW of backlog (signed orders), 3,044MW at an advanced stage, 2,571MW at an early stage and 3,964MW of identified opportunities.

Moreover, in 2021 the development division managed to rotate assets of 1,288MW in Spain and Italy, resulting in earnings of €10 million (US$11.24 million), through three different transactions.

In 2021, Soltec entered three new markets (Colombia, the US and Denmark) and was awarded 99MW in Colombia in a governmental auction from the Colombian ministry of mines and energy.

The company’s industrial division meanwhile, which houses its tracker business, closed 2021 with €411.8 million (US$463 million) in revenues with record sales of 11.8GW of solar trackers. In Q4 in particular the division reported a six-fold increase in tracker sales, which Soltec attributed to measures taken throughout the year in response to logistics constraints.

However, the operating results for 2021 (EBITDA) recorded a loss of €13.6 million (US$15.29 million).

For the year ahead, the company estimates an EBITDA between €15-20 million (US$16.9-22.5 million), with the industrial division contributing with sales of solar trackers in the range of €450-550 million (US$506-618 million) and an EBITDA in the range of 2-3%, while the development division would contribute with an EBITDA of €7-11 million (US$7.86-12.36 million).

In October 2021, Soltec penned a strategic agreement with Acciona Energía for a three-year framework agreement providing solar trackers for different projects, starting with a park in Cuenca, Spain.

Earlier this year, the industrial division signed a contract to supply 610MW of its SF7 bifacial trackers to Enel Green Power in two plants in Peru and Colombia.

At the end of January, Soltec announced a similar deal for 420MW in Chile and Colombia to also supply its SF7 bifacial trackers to two projects in those countries.

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