Spanish renewables firm Solaria Energia y Medio Ambiente SA reported a 34% decline in its nine-month net profit, which fell to EUR 57.1 million (USD 60.1 million), attributed to lower revenues and a strategic push to diversify across technologies and geographies. For the first three quarters of the year, total revenues dropped by 9%, reaching EUR 157.4 million. This decline was driven by an 8% fall in net sales and a 13% drop in other income.
Energy sales saw a significant plunge of 22%, amounting to EUR 104.1 million, in line with a sharp decrease in power prices. The average price across Solaria's markets was EUR 49.1 per MWh, down from EUR 72.4/MWh in the same period last year. Despite a 15% increase in electricity production, reaching 2,121 GWh, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 14% to EUR 131.6 million. The EBITDA was further pressured by a 7% tax on power generation in Spain.
Solaria is optimistic about the recovery of energy prices, expecting normalization by the end of the year. The company maintained its full-year EBITDA forecast of EUR 210 million, representing a 5% increase compared to 2023.
In a move to strengthen its growth prospects, Solaria has entered the UK market by opening offices in Birmingham. This expansion is spurred by the UK's plans to significantly increase onshore wind and solar targets by 2030. The company is also expanding its portfolio with ongoing projects in Spain, Portugal, Greece, Italy, and Uruguay, aiming to reach 3,033 MW of installed capacity by the end of 2025.
Beyond solar, Solaria is diversifying into wind power, battery energy storage, and data centers. It is hybridizing renewable projects and expects its data center business, which has a 1,700 MW portfolio in Spain, to be a key growth driver. The company is negotiating joint ventures with US and European firms for the development of cloud and artificial intelligence data centers.
