Spanish solar tracker manufacturer Soltec has published its financial results for the first half of the year, in which the company posted revenues of €184.5 million (US$194.2 million), earnings before interest, taxation, depreciation and amortisation of -€10.2 million (-US$10.7 million)and a net loss of €14.4 million (US$15.2 million).
The company attributed some of these financial struggles to “low volumes of activity in the first half of the year,” which saw the company awarded environmental permits for 401MW of new PV plants in Spain, yet none of these projects have started commercial operations.
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The company’s net losses reached €9.6 million in the first quarter of this year, but improved slightly to €4.8 million in the second quarter.
“The seasonality of the business is reflected in these results and is mainly due to the extension in the deadlines of certain administrative processes in Spain and the publication of the guidelines for the Inflation Reduction Act (IRA) in the US,” said Soltec in a statement accompanying the latest results.
“The [industrial] division’s operating indicators reflect the positive development of the year, with a slow start and an upward trend over the months, benefiting from a clearly stronger second half,” added the company.
Soltec has already announced a number of agreements that will take effect from the latter half of this year, including the signing of contracts at solar projects with a total capacity of 1.3GW in the three months between July and September this year.
Earlier this year, the company supplied 412MW of trackers to a plant in Brazil under the ownership of CET Brazil, and deals such as these have pushed the total solar capacity under development and under Soltec contracts to 2.3GW, and the company has “more than 2GW of additional contracts” that it plans to sign “imminently”.
Much of this optimism stems from the company’s large development portfolio, with 14GW of capacity at projects in eight countries in the company’s pipeline. More than half of this, around 7.7GW, is what the company calls “identified opportunities”, but Soltec also boasts 3.4GW of capacity at an “advanced stage” of development, and will be optimistic about expanding its portfolio in the coming months and years.
The US, in particular, is an area of interest for the company, having deployed more than 2GW of trackers in the country. The company expects to double its revenue from the US market between 2022 and 2025.