Revenue record aids Soltec minimize full-year net loss as development pipe grows

Feb 28, 2022 10:39 AM ET
  • Solar tracker supplier and project developer Soltec observed a strong Q4 efficiency help reduce its loss for the full year to EUR1.2 million (US$ 1.34 million), with its project pipeline growing to in excess of 10GW.
Revenue record aids Soltec minimize full-year net loss as development pipe grows
Image: Soltec

Soltec recorded revenues of EUR160 million in Q4 2021, raising the firm's full-year revenues to a record EUR346.5 million, up 47% year-on-year. That figure assisted the company minimize its net loss for the year to EUR1.2 million, having videotaped a net loss of EUR5 million the year before.

Soltec additionally observed its project growth pipe swell to 10.3 GW at the end of the year.

The pipeline includes 722MW of stockpile (signed orders), 3,044 MW at a sophisticated stage, 2,571 MW at a beginning and 3,964 MW of identified possibilities.

Furthermore, in 2021 the advancement department took care of to rotate possessions of 1,288 MW in Spain and Italy, resulting in profits of EUR10 million (US$ 11.24 million), through 3 various deals.

In 2021, Soltec got in three brand-new markets (Colombia, the US and Denmark) as well as was granted 99MW in Colombia in a governmental auction from the Colombian ministry of mines and energy.

The company's industrial division at the same time, which houses its tracker company, shut 2021 with EUR411.8 million (US$ 463 million) in revenues with record sales of 11.8 GW of solar trackers. In Q4 particularly the division reported a six-fold rise in tracker sales, which Soltec credited to measures taken throughout the year in reaction to logistics restrictions.

However, the operating results for 2021 (EBITDA) tape-recorded a loss of EUR13.6 million (US$ 15.29 million).

For the year ahead, the firm estimates an EBITDA in between EUR15-20 million (US$ 16.9-22.5 million), with the commercial division contributing with sales of solar trackers in the range of EUR450-550 million (US$ 506-618 million) as well as an EBITDA in the series of 2-3%, while the development department would certainly add with an EBITDA of EUR7-11 million (US$ 7.86-12.36 million).

In October 2021, Soltec penned a calculated agreement with Acciona Energía for a three-year structure contract giving solar trackers for different projects, beginning with a park in Cuenca, Spain.

Previously this year, the industrial division authorized a contract to supply 610MW of its SF7 bifacial trackers to Enel Eco-friendly Power in 2 plants in Peru and Colombia.

At the end of January, Soltec announced a comparable offer for 420MW in Chile and also Colombia to additionally supply its SF7 bifacial trackers to two projects in those countries.

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