Spanish solar power producer Solaria Energia y Medio Ambiente SA (BME:SLR) grew net profit by 24% year-on-year to EUR 86.4 million (USD 92.2m) during the January-September period of 2023, the group reported on Monday.
Solaria’s income statement showed overall growth — EBITDA climbed by 41% to EUR 153.6 million, with total revenues rising by 43% to EUR 172.4 million due to new solar capacity coming online.
The company stated that it is on track to deliver annual EBITDA of EUR 200 million by the end of 2023.
Other highlights in the report include a 61% increase in solar power production, to 1,845 GWh. Installed capacity rose by 65.8% to 1,658 MW at the end of September, with new megawatts added to Solaria’s generation portfolio in Spain.
Solaria also owns capacity in Portugal, Uruguay, Italy and Greece.
The company said that the average captured price of electricity dropped by 21.0% in January through September, but highlighted a 50% surge in prices in power purchase agreements (PPA) in Spain. It said it had signed a 100-MW PPA in September, adding that it will continue to close new agreements in the coming quarters.
Solaria’s chairman Enrique Diaz-Tejeiro commented: “We continue to meet our strategic objectives; investing and committing to a decarbonised society. The good evolution of PPA prices combined with the sharp fall in construction costs will allow us to consolidate a good long-term profit.”
(EUR 1.0 = USD 1.067)
