Solarpack scores revenue boost as roll-out continues in Spain, Chile

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image credit: Solarpack

Solarpack has witnessed gains across several financial indicators so far this year, after progress across various construction contracts in Europe and South America.

Earlier this week, the Spain-headquartered EPC specialist posted revenues of €27.1 million (around US$30 million) for the first half of 2019, a 112% hike on the same period last year.

Solarpack's H1 2019 boost extended to EBITDA records of €9.8 million (US$10.7 million), an increase on the €7.3 million (US$8 million) the firm had reported for H1 2018.

The company noted a squeeze of net profit margins between H1 2018 (2.9%) and H1 2019 (0.6%), which it linked to the fact that some of its build-and-sell moves were not reflected in the accounts.

Nine months to deliver subsidy-free plant in Spain

The rise in revenues and EBITDA comes as Solarpack marked progress with various solar projects under construction in Europe and South America.

In Spain, the firm was given in July the notice to start building a 50MW project in the Toledo province, one of a raft of PV ventures planned without government subsidies in the country.

The work of Swiss developer Aventron, the 90GWh-a-year Bargas project will be backed by a debt package from Banco Sabadell and should complete construction within nine months.

The Toledo newcomer comes to add to Solarpack’s current EPC contracts in Spain, with Monclova (50MW) and Grullas (62MW) – co-funded by Bankia and Bankinter – also under construction.

The race for a piece of Atacama solar

Solarpack’s H1 2019 activities also extended to La Granja, a 123MW installation it is deploying on a build-and-own basis in Chile, with support from financier KfW IPEX-Bank.

The project – one of many under development in the Atacama Desert – should hit commissioning before year-end as interconnection works are “almost finished”, the firm said.

Across the border, in Peru, the firm recently completed its full purchase of a seven-year-old 43MW solar duo and quickly followed by selling a 49% stake to global investor Ardian.

The firm is now eyeing a 1.76GW global pipeline – which rises to 4.149GW of “identified opportunities – after bagging new projects in Chile, US and Southeast Asia in Q2 2019.

The prospects and challenges of solar's new era in Europe and beyond will take centre stage at Solar Media's Solar Finance & Investment Europe (London, 5-6 February) and Large Scale Solar Europe 2020 (Lisbon, on 31 March-1 April 2020).

Read Next

October 15, 2021
European renewables investment management firm Greencoat Capital has confirmed its entry to the US renewables market and is plotting to invest up to US$5 billion over the next five years.
October 13, 2021
EDF Renewables has targeted Vietnam’s solar market by investing in rooftop PV installer SkyX Solar, a subsidiary of investment management firm VinaCapital.
October 11, 2021
Two consortiums have been selected to take part in the tender for the construction and operation of the first long-distance high-voltage direct current (HVDC) power line in Chile, with a capacity of 3GW.
October 6, 2021
Spanish oil and gas major Repsol has increased its 2030 renewables target to 20GW, the bulk of which is expected to be solar PV, as part of efforts to reach net zero emissions by 2050.
October 5, 2021
PV Tech has partnered with Intersolar Europe to publish a special edition of PV Tech Power, available entirely free of charge, ahead of this week’s exhibition and conference.
September 30, 2021
Iberdrola has paused tenders for goods and services associated with the construction of renewables projects in Spain following the introduction of new measures in the country that limit the profitability of non-emitting power plants.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 19, 2021
BRISTOL, UK
Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021