Spain's Solaria posts lower 9-mo profit in 2019

Spanish renewable energy company Solaria Energia y Medio Ambiente SA (BME:SLR) recorded an 11% year-on-year decline in nine-month net profits to EUR 14 million (USD 15.4m) due to lower tax credits.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 1.5% to EUR 23.4 million as a result of the strong performance of all solar parks, high radiation in Southern Europe and the commissioning of the 20-MWp El Baldio PV farm in Spain, the company said Thursday.

Total revenues stood at EUR 30.3 million, up 2.4%, driven by the increase in electricity sales.

Solaria said its electricity production rose by over 7% to 86.03 GWh thanks to higher output in Spain and Italy. In Uruguay, the production was down by 3% due to lower solar radiation.

Despite the growth in production, revenues from electricity sales only increased by 2.2% to EUR 25.9 million as a result of lower pool prices in Spain and Italy.

Solaria installed 175 MW of new solar parks in the third quarter alone. It closed the first nine months of 2019 with a total of 360 MW installed.

The highlight of the reporting period is Solaria's announcement that it secured grid connection rights for the 626-MW Trillo PV project in Guadalajara, Spain. This megaproject represents 96% of the company's targeted capacity for 2021, and close to 19% of the 3,325-MW target for 2023.

(EUR 1.0 = USD 1.103)

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