Solarpack boosted by project commissioning efforts in H1

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Solarpack.

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.

Read Next

July 30, 2021
First Solar has unveiled plans to construct a 3.3GWdc module assembly facility in India, bolstering its manufacturing footprint outside of the US.
July 29, 2021
Power product supplier Generac upgraded its forecast for 2021 after reporting an “exceptional” set of Q2 2021 results, boosted by strong sales growth in its residential and commercial and industrial (C&I) markets.
July 27, 2021
Greek industrial group Mytilineos recorded a net profit of €77 million (US$91 million) in H1 2021, however the firm’s renewables division witnessed a drop in revenue year-on-year.
July 26, 2021
Oil and gas giant Eni has acquired 1.2GW of Spanish renewables from Madrid-based European private equity manager Azora.
July 26, 2021
US utility giant NextEra Energy added 1.84GW of renewables and energy storage projects to its backlog in Q2 2021, but its Energy Resources division reported a fiscal loss of US$315 million.
July 20, 2021
It is “unhealthy” for China to dominate solar manufacturing and production bases outside of the country are necessary to reduce the risk of supply chain disruptions, an Indian government official has said.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021