Spanish IPP hopeful Solaria shrugs off pandemic to post profit surge

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Solaria

Spanish independent power producer (IPP) Solaria has shrugged off the effects of the COVID-19 pandemic, going on to report surging generation in Q1 2020.

And company chairman Enrique Díaz-Tejeiro has backed the company’s ongoing strategy to see it through the crisis, maintaining its target of deploying 3.3GW by 2023.

Yesterday (18 May 2020) the PV manufacturer-turned-pure play developer disclosed its results for the first quarter of the year, announcing a 20% increase in earnings to €9.3 million (US$10.2 million) and a 39% spike in net profit to €7.19 million (US$7.9 million).

Those results were recorded on the back of soaring energy generation. At 78.8GWh, Solaria trebled its energy output for the Q1 period year-on-year. In addition, the developer also revealed it had obtained access permits for a further 1.3GW of solar.

The company intends now to double down on its strategy, with Díaz-Tejeiro arguing it to be the most effective way for Solaria to help the wider society overcome the ongoing pandemic.

Spain has been amongst the countries hardest hit by the COVID-19 outbreak, resulting in a total shutdown of solar deployment for a 10-day period last month. A plethora of developers have now returned to work, however.

While Solaria provided no specific details, Díaz-Tejeiro stressed that the company must undertake new projects “now, more than ever”.

This, the company said, would be aided by a recent upgrade to its credit rating to BBB, a milestone set to improve the firm's access to finance.  

Last summer PV Tech caught up with Solaria’s head of investor relations David Guengant to discuss the company’s ambition of becoming Spain’s leading IPP.

Read Next

September 24, 2021
Independent power producer Catalyze has acquired commercial and industrial (C&I) solar developer Sol Alliance, expanding its presence in the northeast of the US and taking on an 80MW project development pipeline in the process.
PV Tech Premium
September 24, 2021
Concerns have been raised that new measures introduced by Spain’s government to limit windfall profits of renewable energy plants could dent investor confidence and impact the stability of the country’s solar sector.
PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.
September 10, 2021
Independent power producer ReNew Power has commissioned a 250MW portion of a 300MW solar plant in the Indian state of Rajasthan.
September 8, 2021
Sonnedix, Opdenergy and Canadian Solar were among the five successful bidders in Chile’s latest power auction, which took place yesterday (7 September) and will see the country support 2GW of renewables and storage installations.
September 7, 2021
Supply disruptions in the coal and gas sectors have contributed to record electricity costs across Europe, leading to calls for more support for renewables generation to mitigate future price rises.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021