Achieves in H1 2019 operating revenues of €27.1 m (+112% vs. H1 2018) and an EBITDA of €9.8m (+33% vs. Q4 2018) under IFRS consolidated accounts
- Achieves in H1 2019 operating revenues of €27.1 m (+112% vs. H1 2018) and an EBITDA of €9.8m (+33% vs. Q4 2018) under IFRS consolidated accounts
- Its attributable bi-annual results by segments register operating revenues of €93.8 m and an EBITDA of €19.8 m, evidencing a strong growth in construction activities during the second quarter
- Closes the acquisition of Tacna Solar and Panamericana Solar, with an expansion of its alliances with Ardian into these projects
- Senior debt disbursements have occurred in all its projects under construction in Spain, Chile and India, while the company adds another 50 MW of EPC contracts to projects under construction, which sum up to 376 MW
- The company prepares the start of construction for another 111 MW in Spain and Chile, and increases its Pipeline by 362 MW mainly in Chile, the USA and Southeast Asia
The Spanish multinational specialized in solar photovoltaic (PV) energy continues to move forward with the execution of its business plan, showing solid bi-annual results and important operational milestones that set the grounds for a high-growth 2019.
The consolidated financial statements show during H1 2019 operating revenues of €27.1 m (+112% vs. H1 2018) and an EBITDA of €9.8 m (+33% vs. H1 2018) under IFRS consolidated accounts. Net profit during 1H 2019 reaches €0.65 m (-78% vs H1 2018).
In the Development & Construction segment (DEVCON), Solarpack’s teams have already completed a 11 MW project in Chile and have started the construction in one of the two 50 MW EPC contracts signed in December 2018 with aventron AG. The company manages 376 MW under construction and is preparing the kick-off for an additional 11 MW of projects under construction before year end, which would make a total of 498 MW initiated during 2019.
In addition to initiating the construction of new solar plants, Solarpack has made significant progress in the debt financing of its business plan. Specifically, the company has already achieved disbursements of senior debt in all of its projects in Spain, Chile and India, allowing for construction activities not being impacted by late debt disbursements.
Solarpack currently has 121 MW of Backlog, 1,760 MW of Pipeline and 4,149 MW of Identified Opportunities, with significant new project additions in Chile, USA and south east Asia during the second quarter of 2019.
The company’s development and construction segment (DEVCON) accelerates in the second quarter with significant progress in all of its construction sites, reaching operating revenues of €77.4 m and EBITDA of €7.3 m during the first half of 2019.
Closing the acquisition of Tacna Solar and Panamericana Solar has enabled Solarpack to accelerate its growth in its power generation segment (POWGEN). After the execution of an industrial plan in the projects developed by the company, Ardian will enter into the ownership of these projects and Solarpack will fully repay the $30 m bridge loan with Banco Santander.
Its POWGEN segment has grown in the first semester of 2019, with operating revenues of €14 m (+39% vs. H1 2018) and EBITDA of €12.3 m (+35% vs. H1 2018). The POWGEN segment has, as of June 30, 2019, an attributable capacity of 141 MW in 11 projects (which sum 252 MW of total installed capacity) in Chile, Spain, India and Peru. The pro-forma results of the Tacna Solar and Panamericana Solar acquisition increase this magnitude to 181 MW and the EBITDAPF to €20 m.
The services segment (SVCS) has achieved operating revenues of €2.4 m (+8% vs. H1 2018) and EBITDA of €0.8 m (+18% vs. H1 2018) during the first semester of 2019, increasing up to 181 MW as of June 30, 2019 the assets with O&M contracts in place with third parties or with its own assets, obtaining an average 99.7% availability. Regarding asset management services, the company has kept on reducing the number of third party MW it serves to focus exclusively on strategic contracts and on own projects in operation. Thus, as of June 30, 2019, it provided asset management services to 279 MW of its own and of third parties, which compares to the 302 MW reported at the end of the previous quarter.
As the projects targeted for the POWGEN unit start to operate, the SVCS unit will grow, delivering long-term visible recurring revenues for the company.