Solarpack struck by PV project growth hold-ups in Chile as well as India

• Spain's Solarpack was impacted by pandemic-related project hold-ups in Chile during a first quarter, in which it saw its internet revenue reduce 95% year-on-year to EUR300,000 (US$ 365,000).

The solar developer stated its Araucana projects in Chile, which have a complete capacity of 50MW, are experiencing implementation delays as well as greater expenses primarily because of lockdowns and also logistics market disruptions, while the current COVID circumstance in India is raising stress on the timeline for its 419MW Gorbea project in the country.

Operating incomes during Q1 were down virtually 19% on the exact same quarter in 2014 to EUR28.4 million, showing the reduced construct and also offer activity from its advancement and also building and construction section.

Solarpack stated it finished the very first quarter with "solid power generation task" from its 450MW of solar projects in operation in Spain, Peru, Chile and India. Earnings and also earnings from the power generation device were marginally down year-on-year, but in line with expectations.

Throughout Q1, the company increased its portfolio of solar projects under advancement by 600MW to 8.7 GW, and also it has 3.6 GW of plants that could be contributed to its stockpile this year.

Given that publishing its 2020 results in February, Solarpack exposed a development technique that is centered on geographical diversity, focusing on high-volume markets such as Spain, the United States, India and Latin America, which will certainly comprise 80% of future growth. It additionally prepares to selectively enter brand-new arising markets, particularly in Southeast Asia as well as Africa.

The growth strategy foresees the company having a portfolio of in between 1.8 GW as well as 2GW of projects in operation or unfinished by 2023, and after that near to 4GW by the end of 2026.