Solarpack boosted by project commissioning initiatives in H1

• Solarpack boosted its H1 running revenues virtually three-fold (191%) year-on-year to EUR78.84 million (US$ 93.64 million), thanks in part to the commissioning of PV projects in Spain, Chile and India.

The Spain-headquartered EPC published net earnings of EUR4.8 million in the first half of 2020, up from EUR600,000 a year previously.

The business additionally announced it has increased its backlog of acquired projects to 513MW after being awarded a 25-year PPA with Solar Energy Corporation of India for the 397MW Gorbea project in India last month. Throughout H1, the firm began on 10MW of projects in Chile and also finished the building and construction of 150MW of solar assets for third parties in Spain.

Solarpack's power generation system was the standout performer in H1 2020, with revenues of EUR28.3 million and EBITDA of EUR25 million, up 101% as well as 103% specifically on the year-ago period. The company stated these figures highlight the contribution of energy sales from the commissioning of 288MW of projects and also from possessions gotten in Peru at the end of 2019.

The solutions organization saw revenues increase 60% on H1 2019 thanks to new agreements, while EBITDA was down 41% as a result of greater costs relating to the appointing of projects. Since June 2020, this sector offers O&M services to 499MW of solar projects as well as asset monitoring for 583MW of Solarpack's and third-party projects.

The company claimed it remains to maintain its growth regardless of COVID-19, albeit with some unfavorable impacts on electrical energy sale incomes in Spain and Chile as a result of the reduction of area prices and also unfavorable exchange rates in those markets. It alerted that coronavirus-related restrictions can delay the building of future projects by two or 3 months.