Spanish solar tracker manufacturer Soltec has published its financial results for the first quarter of 2024, which include revenues of €121 million (US$130 million), a record figure for the company.
The company’s revenues represent 58% year-on-year growth compared to Q1 2023. Soltec’s earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €11 million, up from €3.2 million in the same period last year, while net profits reached €1.3 million.
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Much of this growth was driven by strong sales of its trackers. Soltec delivered 813MW of solar trackers in the Q1, and as shown in the graph below, is close to three times the volume delivered in Q1 2023. The company has now delivered 18GW of solar trackers since the start of operations in 2004.
Soltec’s tracker pipeline, consisting of unsigned projects with what the company calls a “certain probability” of execution, has increased significantly from one year to the next. In Q1 2023, this pipeline sat at a total value of €10.9 billion, and has now increased to a value of €16.8 billion; while this is a somewhat imprecise metric, it demonstrates growing interest in the company’s products around the world.
The US remains an important market for the company, with Soltec targeting a 50% growth in its US revenues in the coming years following the appointing of Alma Miller as the new CEO of Soltec Trackers Inc. Soltec CEO Raúl Morales told PV Tech Premium last year that there was “unprecedented interest” in trackers in the US, and the company has sought to capitalise on this growing interest.
Soltec currently has 234MW of operating assets. Its portfolio is split across seven countries, including the US, and has a further 60MW of capacity under construction, and 326MW in the “pre-construction phase”. The company has made a commitment to secure financing to support many of these developments, and in May closed a deal with 12 financial institutions to support a credit facility and bank guarantee line for its industrial division.
The news follows Soltec’s launch of a new floating tracker concept last week, which the company claims can improve the energy production of floating PV modules by as much as 25%.
