1Q21 Earnings: Solaria doubles its revenues and increases adjusted net profit fivefold to 10.2 million euros

May 31, 2021

Solaria, a leading company in the development and generation of photovoltaic solar energy in Southern Europe, published its results for the first quarter of 2021 today.

During this period, Solaria generated 143 GWh, which represents an 82% increase in production compared to the same period last year. Revenues increased by 90% to 22.9 million euros, EBITDA rose by 110% to 19.5 million euros and adjusted net income increased fivefold to 10.2 million euros (excluding deferred tax assets recognition in 1Q20). At the end of the first quarter, Solaria's balance sheet was healthy, with 142 million euros in cash, despite a substantial increase in investments, which resulted in a net increase of 97 million euros in tangible fixed assets.

The company has 1,828 MW in operation and under construction and reiterates its goal of reaching 2,150 MW by the end of 2021.

The projects of Cifuentes-Trillo 626 MW, Garoña 595 MW and Toledo with a connection point in Villaviciosa de Odón of 782 MW, which are already in public exposure period, represent 65% of the installation targets for 2022.

As part of its international expansion strategy and with the aim of reaching 6.2 GW in 2025, Solaria inaugurated 4 photovoltaic plants of 63 MW in Portugal on May 17.

Sustainable commitments

Last March, Solaria became a Signatory Partner of the United Nations Global Compact, the world's largest corporate sustainability initiative through the Spanish Global Compact Network.

This milestone reinforces the company's commitment to sustainability by strengthening and aligning its business strategy with the Ten Universally Accepted Principles in the areas of human rights, labor standards, environment, and anti-corruption, and by adopting measures to support the objectives of the United Nations, currently embodied in the Sustainable Development Goals (SDGs) and the 2030 Agenda.

This May, Solaria has approved the new Sustainable Development Goals, which include reducing emissions by 14% by the end of 2021 through various plans; the Hybrid Fleet Plan, with the aim of progressively replacing its fleet of cars with plug-in hybrids, and the Renewable Plan, to achieve renewable consumption in all our facilities in Spain, Italy and Portugal during this year.

Solaria is committed to a sustainable future and bases its efforts on making sustainability part of its day-to-day business and its business strategy, thus contributing to the improvement of the environment and society.

Mr. Enrique Díaz-Tejeiro, President of Solaria, commented: 'The considerable investments made over the past three years are beginning to bear fruit. In this regard, we have achieved remarkable figures. Furthermore, with our target of 18GW installations by 2030, we reaffirm our strong commitment to energy transition and sustainability, contributing to a greener world.'