Spain’s Solarpack was affected by pandemic-related project delays in Chile during a first quarter, in which it saw its net profit shrink 95% year-on-year to €300,000 (US$365,000).
The solar developer said its Araucana projects in Chile, which have a total capacity of 50MW, are suffering execution delays and higher costs mainly due to lockdowns and logistics market disruptions, while the current COVID situation in India is increasing pressure on the timeline for its 419MW Gorbea project in the country.
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Operating revenues during Q1 were down almost 19% on the same quarter last year to €28.4 million, reflecting the lower build and sell activity from its development and construction segment.
Solarpack said it ended the first quarter with “solid power generation activity” from its 450MW of solar projects in operation in Spain, Peru, Chile and India. Revenue and earnings from the power generation unit were marginally down year-on-year, but in line with expectations.
During Q1, the firm increased its portfolio of solar projects under development by 600MW to 8.7GW, and it has 3.6GW of plants that could be added to its backlog this year.
Since publishing its 2020 results in February, Solarpack revealed a growth strategy that is centered on geographical diversification, focusing on high-volume markets such as Spain, the US, India and Latin America, which will make up 80% of future growth. It also plans to selectively enter new emerging markets, especially in Southeast Asia and Africa.
The expansion plan foresees the company having a portfolio of between 1.8GW and 2GW of projects in operation or under construction by 2023, and then close to 4GW by the end of 2026.