Solarpack Ends The First Quarter of 2021 with €12.2 Million of EBITDA

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The Getxo-based multinational, specialized in photovoltaic solar energy (PV), culminates a first quarter of 2021 with a solid power generation activity from its 450 MW in operation in Spain, Peru, Chile and India.

In addition, the company increases its portfolio of projects under development to 8.7 GW worldwide, with 0.7 GW of net new entries in Spain, the USA and Southeast Asia. Solarpack expects to participate in 2021 with 3.6 GW of projects under development in tenders and long-term energy sales processes in the USA, Spain, Colombia, Chile, South Africa and India, among other markets. It also continues with the execution of projects under construction in Chile and Malaysia, totaling 192 MW.

Its Development and Construction segment (“DEVCON”) reached in the first quarter of 2021 operating revenues of €18.7 million and an EBITDA of €0.7 million. It books a DEVCON gross margin DEVCON in line with the guidance given to the market, although in the lower part of the range due to the higher costs seen in some of the projects for third parties in Chile, partly due to delays and disruptions in the international logistics markets. This effect was partially offset by the strong margin from the 3SP project in Malaysia. All in all, the gross margin is lower than that one booked in the first quarter of 2020, although the latter was well above the average, widely exceeding the range of 10-15% indicated to the market for this business unit.

In its power generation segment (“POWGEN”), where the company has 450 MW of attributable operating capacity (545 MW in total), Solarpack achieves in the first quarter of 2021 operating revenues of € 13.6 million and an EBITDA of € 11.4 million, in line with the company’s expectations for the business unit at the beginning of the year.

The Services segment (“SVCS”) has achieved in the first three months of 2021 operating revenues of €1.9 million and an EBITDA of € 0.6 million. As of March 31, 2021, this business unit provided operation and maintenance services to 742 MW. In addition, it carried out asset management for 716 MW of own and third-party projects.

The Company’s net profit reached € 0.3 million in the first quarter of 2021, compared to € 6.5 million in the first quarter of 2020, reflecting the contribution, during the first three months of 2020, of the construction of projects for third parties with higher-than-average margins.

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