Solarpack:
- 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.
- 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.
- 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.
- 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.
The Getxo-based solar photovoltaic (PV) multinational 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.
Its business development teams have generated order intake for 469 MW in 2020, 419 MW of which were in India and 50 MW in Chile (sold to CVE). This was 56% higher than the upper range of annual orders expected (150-300 MW). Also, the company increased its portfolio of projects under development to 8.1 GW worldwide, with a 410 MW Pipeline in Spain, 948 MW in USA and 259 MW awarded under a PPA in Ecuador last December.
Elsewhere, since the last results announcement Solarpack has an extra 54 MW under construction, bringing its total to 192 MW across Malaysia and Chile, including a 4 MW project with two different battery storage systems in Chile’s Atacama Desert.
Its Development and Construction (DEVCON) unit achieved €106.6 million in revenues and €14.9 million in EBITDA in 2020, against €220.5 million and €13.8 million respectively in 2019, with intense ‘build & sell’ activity for third parties in 2020.
In its Power Generation unit (POWGEN), where the company has 450 MW attributable to its ownership in the projects (545 MW in total), Solarpack added €55.5 million in operating revenues (59% more than in 2019) and had an EBITDA of €48.4 million (60% more than in 2019). This highlights the important
contribution of energy sales from the 309 MW that were added to the fleet at the end of 2019 and start of 2020, of which 288 MW relate to the commissioning of ‘build & own’ projects in Spain, Chile and India and 21 MW to assets acquired in Peru at the end of 2019.
In 2020 Solarpack also refinanced its veteran Spanish and Peruvian assets. This helped create around €15 million in value and a net corporate cashflow of €50 million after the cost of cancelling previous loans, which led to a one-off loss of around €5 million in the net income.
The Services (SVCS) unit added €8.2 million in revenues and €2.2 million in EBITDA in 2020 (both equal to 2019). As of December 31, 2020, this business unit was delivering operations and maintenance services to 742 MW. It also provided asset management to 694 MW of own and third-party assets.
The company’s net profit was €10.4 million in 2020 (€12.8 million excluding one-off results), against €11.9 million in 2019.
Solarpack has generated €72 million in corporate cashflow across its three business units in 2020. This leaves the company in a solid financial position to face future growth, with a net corporate cash position, excluding non-recourse net financial debt associated with operational assets, of €54 million available for future projects’ equity needs.
Its growth plan foresees having a fleet of c. 1 GW of projects in operation and under construction by the end of 2021, and between 1.8 GW and 2 GW in 2023.
About Solarpack
Solarpack is a multinational company specializing in the development, construction and operation of large-scale solar PV projects with presence in fast-growing markets in Europe, North America, Latin America, Asia and Africa. Since its foundation in 2005, the company has developed solar PV power plants that represent a total capacity of 966 MW, in addition to having built 708 MW on a turnkey or EPC (engineering, procurement and construction) basis. The company currently generates power through 15 projects totaling 545 MW in Spain, Chile, Peru and India. In addition, Solarpack operates and maintains 22 plants, with a total capacity of 742 MW, and provides asset management services for a total of 694 MW of own and third-party projects. Headquartered in Getxo, Spain, Solarpack has a diversified geographical presence and employs over 240 people in 10 countries.
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