Solid Results Support Solarpack’s Growth Plan Progress


• 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

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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.


From an operational point of view, its business development teams have achieved significant advances in the project development portfolio in Spain, securing the interconnection and the land needed for a 400 MW project in the center of the country. They have also secured interconnection rights and land for 205 MW in the United States, bringing the Pipeline in this country to 914 MW. In October, meanwhile, the company started the construction of 116 MW in Malaysia. The project has finance credit approval and is expected to enter operation in the second half of 2021. With this Malaysian project and Gorbea, in India, Solarpack would have 1 GW in operation and under construction by the end of 2021.

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Solarpack’s Development and Construction (DEVCON) segment finished the first nine months of 2020 with revenues of €74.9 million and an EBITDA of €7,3 million, against €165.7 million and €12.2 million, respectively, registered in the first nine months of 2019. The first nine months of 2020 were characterized by high levels of third-party project construction (‘build and sell’) activity.


In its energy generation (POWGEN) segment, Solarpack added €41.5 million in revenues over the first nine months of 2020 (88% more than the same period in 2019) and had an EBITDA of €36.4 million (99% more than in 2019). This highlighted the importance of energy sales from the commissioning of 288 MW of ‘build and own’ capacity in Spain, Chile and India and from assets acquired in Peru at the end of 2019.

Elsewhere, since the last set of results Solarpack completed the refinancing of its Peruvian projects, creating additional value within the POWGEN unit through longer terms and lower financing costs and delivering US$29 million in free cash flow before the end of 2020 to continue driving profitable growth in the company

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