May 14 (Renewables Now) - Spain solar company Solarpack Corporacion Tecnologica SA (BME:SPK) posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 4.5 million (USD 5.1m), up by 14% quarter-on-quarter, in the first quarter of 2019.
Solarpack presented on Tuesday quarterly results for the first time since the December stock exchange listing, unveiling a net loss of EUR 0.3 million due to its build and sell activities not being reflected on the accounts yet. Revenue went up by 35% to EUR 12.5 million.
The power generation segment booked EBITDA of EUR 6.3 million, a 27% quarter-on-quarter growth, while operating revenues went up by a third to EUR 7.1 million. Solarpack holds an operating portfolio consisting of 11 projects distributed between Spain, Chile, Peru and India. Together, they have an attributable gross capacity of 141 MW.
Solapack’s development and construction unit recorded an EBITDA loss of EUR 0.6 million after being in the black in the previous quarter. The company started the construction of a 112-MW solar farm in Spain and an 81-MW project, scaled down from 128 MW, in India during the first quarter. Another scheme, a 144-MW solar farm in Chile, brings the total capacity under construction to 337 MW.
As the projects move to the under construction category, the backlog now consists of 123 MW. Solarpack has 1,458 MW in the pipeline and 3,487 MW classified as identified opportunities.
(EUR 1.0 = USD 1.12)