Soltec reports net loss for Q3, adds to its record backlog

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Soltec said it is now the third largest tracker supplier worldwide. Image: Soltec

Spanish solar tracker manufacturer Soltec reported a net loss of €100,000 (US$120,000) in Q3 and a €20 million (US$23 million) loss in the first nine months of the year due to “significant international disruptions”, according to its Q3 financial results released today.

The Madrid-based company’s revenues were up 18% to €100 million in Q3, with €187 million reported for 2021 so far, but its EBTIDA amounted to a loss of €3.4 million in Q3 2021 and €22.5 million for 2021.

Soltec said this was largely due to international disruptions “resulting from changes in logistical conditions worldwide and a shortage of personnel in some countries”.

Its industrial division has a record backlog of signed projects pending execution of €397 million (up 210% on last year) and a pipeline – “projects with a certain probability of success” – of over €3 billion, a 20% increase year-on-year, according to a company media release.

The industrial business has now accumulated 10.2GW of projects, which Soltec said made it the third biggest supplier of solar trackers worldwide, and its revenues for 2021 are expected to be in the range of €395-440 million, with its EBITDA margin forecast to be between -1% and 1%.

Soltec’s development business, Powertis, had a pipeline of 9.1GW at the end of September 2021, which included 722MW in backlog, 1,369MW projects in advanced stage of development, 2,759MW in early stage and 4,229MW of identified opportunities.

In October, Powertis rotated to Aquila Capital in Italy with the transfer of 772MW, which exceeded its development target of 750MW.

Also in October, Soltec signed an agreement with renewables developer Acciona Energia to supply its SF7 range of trackers over a three-year period.

Read Next

December 2, 2021
Amongst a flurry of M&A activity and new product launches, PV Tech’s Carrie Xiao reflects on the tracker market status quo, the fortunes of China-based tracker manufacturers and what the future might hold for a market that’s set to get even more competitive.
PV Tech Premium
November 30, 2021
Array Technologies reveals to PV Tech Premium the core motivations behind its US$652m deal to acquire STI Norland, creating what it says is the world’s biggest tracker company, from stronger supply chains to an ability to target more international markets
November 12, 2021
Array Technologies’ profits plummeted 65% amid high material and logistical costs as the solar tracker supplier claimed it was experiencing a margin "trough", weighed down by legacy orders signed at low prices.
November 12, 2021
US solar tracker supplier Array Technologies is to acquire Spanish tracker manufacturer Soluciones Técnicas Integrales Norland (STI Norland) in an acquisition that the Array said will create “the largest tracker company in the world”
November 11, 2021
US-based solar tracker manufacturer FTC Solar has again downgraded financial forecasts, reducing its Q4 revenue expectations amidst PV project pushbacks in the US.
November 10, 2021
Solar inverter manufacturer SMA Solar Technology has increased its net income by more than 66% for the first nine months of the year compared with last year as its management board reaffirms its previously downwards adjusted sales and earnings guidance of for 2021

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal