Spain’s Solaria books higher Q1 profits thanks to tax credits

Spanish renewable energy company Solaria Energia y Medio Ambiente SA (BME:SLR) recorded a 37% year-on-year increase in net profit to EUR 5.2 million (USD 5.8m) in the first quarter of 2019 benefitting from tax credits of almost EUR 2.9 million.

The company said Monday its electricity output rose by 9% year-on-year to 26.4 GWh underpinned by high solar radiation in Italy, Greece and Spain, partially offset by the lower production in Uruguay. In Spain, solar production went up by 27%, which coupled with a 14% quarter-on-quarter spike in the pool price, led the energy revenue growth to EUR 8.34 million, up by 10%.

Details on Solaria’s first quarter results can be seen in the table below:

At the end of the first quarter, Solaria held an operating portfolio of 75 MW in Spain, Italy, Greece and Uruguay. In December 2018, the company announced the construction of a package of assets totalling 400 MW, due to be finalised over the course of this fiscal year.

Solaria took the opportunity to announce the launch of a new engineering, procurement and construction (EPC) package consisting of 650 MW of solar assets across the Spanish regions of Castile-La Mancha and Castile and Leon.

The two packages are a part of a 1.3-GW portfolio planned to be concluded by the end of 2020.

(EUR 1.0 = USD 1.12)

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