Spanish solar projects developer-operator Solaria Energia y Medio Ambiente SA (BME:SLR) reported a net profit of EUR 25 million (USD 27.5m) for the first quarter of 2023, up by 22% year-on-year, amid overall growth.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 21% to EUR 40.1 million, while revenues came at EUR 44.7 million, rising by 23%, Solaria said in the first-quarter results report.
The growth was driven by higher electricity output thanks to new solar farms that came online in 2022 and 2023 coupled with cost streamlining, the company explained.
At the end of the January-March quarter, Solaria had 1,526 MW of installed solar photovoltaic capacity in Spain, Portugal, Uruguay, Italy and Greece, or 54.6% more than it had in the same period a year prior.
Power production during the quarter rose by 50.1% on the year to 332.7 GWh. Electricity sales across all markets increased by 0.3% to EUR 29.3 million, according to the report.
Solaria said that it has enough projects to steadily reach 3,083 MW of installed capacity in the summer of 2023.
Among the highlights of the period was the grid connection Solaria’s first large-scale solar project, the 626-MW Cifuentes-Trillo, which the company discreetly announced in early March, and obtaining environmental approval for over 4,000 MW more.
(EUR 1.0 = USD 1.102)