Spanish solar power producer Solaria Energia y Medio Ambiente SA (BME:SLR) has reported a 24% year-on-year increase in net profit, reaching EUR 86.4 million (USD 92.2m) for the January-September period of 2023. The company's income statement reflects overall growth, with EBITDA surging by 41% to EUR 153.6 million and total revenues rising by 43% to EUR 172.4 million, driven by the addition of new solar capacity.
Solaria is on track to achieve its annual EBITDA target of EUR 200 million by the end of 2023. The report highlights a significant 61% increase in solar power production, reaching 1,845 GWh, and a 65.8% rise in installed capacity, reaching 1,658 MW by the end of September. The company has expanded its generation portfolio in Spain, with additional capacity in Portugal, Uruguay, Italy, and Greece.
Despite a 21.0% drop in the average captured price of electricity from January to September, Solaria notes a notable 50% surge in prices in power purchase agreements (PPA) in Spain. In September, the company signed a 100-MW PPA and anticipates closing new agreements in the coming quarters.
Enrique Diaz-Tejeiro, Solaria's chairman, commented on the company's strategic objectives, emphasizing their commitment to a decarbonized society. He noted the favorable evolution of PPA prices and the decline in construction costs, which position Solaria to solidify long-term profitability.