Solarpack has seen strong growth in 2020, characterized by the contribution of new MW commissioned and acquired by the Power Generation (POWGEN) unit during 2019 and the start of 2020 in Spain, Peru, Chile and India and by intense construction activity, mainly focused on third-party projects.
Solarpack achieves operating revenues of €159.2 million in 2020, 77% more than in 2019, an EBITDA of €65.4 million (132% more compared to 2019) and a net profit of €10.4 million (€12.8 million excluding one-off results), against €11.9 million in 2019.
It generates 469 MW in firm new order intake in India and Chile (double the amount in 2019 and 56% more than the upper range of guidance communicated to the market) and grows project development portfolio up to 8.1 GW worldwide.
Solarpack commissions 199 MW for third parties in Spain in 2020 and moves forward with the construction of 116 MW in Malaysia and 76 MW in Chile, of which 120 MW will pass into the Power Generation unit in 2021.
It has plans to have around 1 GW in operation and under construction by the end of 2021, and updates guidance up to 1.8 GW – 2 GW in operation and under construction by 2023. It ends year in a solid financial position for future growth, with €54 million of net corporate cash, excluding non-recourse net financial debt linked to operational assets, available for future projects’ equity needs.
As a result, 2020 saw €72 million in corporate cash generation from all three business units, evolving from €17 million in net financial debt as of 2019 year end to €54 million in net cash at corporate level as of December 31, 2020.