Spanish solar tracker manufacturer Soltec has unveiled its financial results for the first half of the year, revealing revenues of €184.5 million. However, the company also reported earnings before interest, taxation, depreciation, and amortization (EBITDA) of -€10.2 million and a net loss of €14.4 million.
Soltec attributed some of its financial challenges to “low volumes of activity in the first half of the year.” Despite securing environmental permits for 401MW of new photovoltaic (PV) projects in Spain, none of these ventures had commenced commercial operations by mid-year.
The company's net losses amounted to €9.6 million in the first quarter of 2023 but improved slightly to €4.8 million in the second quarter. Soltec remains optimistic that its financial fortunes will see an upturn in the second half of the year.
In a statement accompanying the financial results, Soltec explained, “The seasonality of the business is reflected in these results and is mainly due to the extension in the deadlines of certain administrative processes in Spain and the publication of the guidelines for the Inflation Reduction Act (IRA) in the US.”
Soltec has already announced several agreements set to take effect in the latter half of the year. This includes contracts for solar projects with a total capacity of 1.3GW signed between July and September 2023.
The company's recent supply of 412MW of trackers to a plant in Brazil underscores its growth potential. Currently, Soltec has over 2.3GW of solar capacity under development and under contract, with “more than 2GW of additional contracts” set to be signed soon.
Much of Soltec's optimism is rooted in its extensive development portfolio, which encompasses 14GW of capacity across projects in eight countries. Of this, approximately 7.7GW is classified as “identified opportunities,” while the company also boasts 3.4GW of capacity at an “advanced stage” of development. Soltec is poised for further expansion in the coming months and years.
The United States is a focal point for Soltec's growth strategy, having deployed over 2GW of trackers in the country. The company anticipates doubling its revenue from the US market between 2022 and 2025. This optimistic outlook underscores Soltec's commitment to the renewable energy sector and its ambition to contribute to the global transition toward sustainable energy solutions.
