The Getxo-based solar photovoltaic (PV) multinational Solarpack continues along its growth path buoyed by solid results for the first nine months of 2020, reflecting intense construction activity for third parties and the contribution to the Power Generation (POWGEN) business unit of new megawatts acquired and put in operation in Spain, Peru, Chile and India during 2019 and the start of 2020.
• Makes significant progress with projects under development in Spain and USA by securing interconnection and site control for 400 MW and 205 MW respectively, thus increasing the Pipeline in these markets.
• Achieves operational revenues of €123.0 million in the first nine months of 2020, a 222% increase on the first nine months of 2019, with an EBITDA of €48.4 million (256% more than the first nine months of 2019) and a net profit of €6.6 million, against €1.3 million for the first three quarters of 2019.
• Starts construction of the 116 MW 3SP project in Malaysia, which now has financing credit approval and is expected to enter operation in the second half of 2021, and which along with the existing order book should bring Solarpack’s total capacity under operation and construction to 1 GW by the end of 2021.
• Along with partner Ardian, completed in October the refinancing of Peruvian projects, creating value through more competitive financing and freeing up US$29 million of free cash flow before the end of the year to continue driving the profitable growth of the company.