Solarpack saw strong growth in 2019, with the commissioning of 309 MW in Chile, Spain and India since its IPO in December 2018, bringing its attributable generation assets to 450 MW. The company also witnessed a year of intense construction activity, with a total of 536 MW initiated of which 227 MW are still underway.
•Attributable generation assets rise to 450 MW, including 309 MW in Spain, Chile and India, from 141 MW at the beginning of 2019
• Company growth strategy sees operating revenues rise to €89.9m in 2019, tripling 2018 levels, while EBITDA rises to €28.3m (94% more than in 2018) and net profits increase to €11.9m, up 138% compared to 2018
• Future growth prospects assured through 215 MW of new order intakes in 2019 plus 1,609 MW of Pipeline and 4,724 MW of Identified Opportunities
• Environmental, social and governance (ESG) practices placed at the center of the company’s strategy and corporate processes, with the strategy and investment committee taking the lead in the structuring and enhancement of activities that the company has been carrying out since its beginnings
The Getxo-based multinational solar photovoltaic (PV) specialist Solarpack saw strong growth in 2019, with the commissioning of 309 MW in Chile, Spain and India since its IPO in December 2018, bringing its attributable generation assets to 450 MW. The company also witnessed a year of intense construction activity, with a total of 536 MW initiated of which 227 MW are still underway.
Its development and construction (DEVCON) teams achieved 215 MW of order intake during 2019, in line with a forecast 150 MW to 300 MW average per year over the coming financial periods. Thanks to its backlog, pipeline and identified opportunities, which add up to more than 6.4 GW, the company has a solid foundation for pursuing a strong long-term growth strategy. This strategy was reinforced in 2019 with the acquisition of 90.5% of the Tacna and Panamericana projects in Peru, where the company is planning to sell-down a 49% participation to Ardian, an infrastructure fund.
The company’s DEVCON division achieved 2019 revenues of €220.5m and an EBITDA of €13.8m, compared to €13.5m and zero in 2018.
In its energy generation division (POWGEN), Solarpack had 2019 revenues of €35.2m (70% more than in 2018) and an EBITDA of €30.3m (61% more than 2018), slightly above the guidance provided for the business unit in November 2019. This strong growth reflects the sale of energy from 13 MW acquired in Spain at the end of 2018, as well as the consolidation of 100% of Peruvian assets in the final quarter of 2019.
The services (SVCS) division saw 2019 revenues of €8.2m (80% more than 2018) and an EBITDA of €2.6m (49% more than 2018), reflecting repowering and operations and maintenance restructuring across Peruvian assets. As of December 31, 2019, the business unit was delivering operations and maintenance services across 377 MW. It also carried out asset management across 578 MW of company-owned and third-party projects.
The company’s net profit increased significantly, to €11.9m, as a result of its profitable growth strategy. This net profit was 138% higher than that of 2018 and was achieved against a backdrop of strong activity and cost increases linked to the development of new projects.
Carrying on with its historic commitment to social initiatives, the company is reinforcing the environmental, social and governance (ESG) activities, putting them at the center of its strategy and corporate processes. A recently formed strategy and investments committee will be tasked with fully integrating ESG into the company strategy and reinforcing initiatives relating to this area that Solarpack has been implementing since its beginnings, such as the development of social projects in communities close to its plants and support for nonprofits such as the EKI Foundation, which was launched by Solarpack’s founding partners.