Soltec reports bottom line for Q3, adds to its record backlog

• Spanish solar tracker supplier Soltec reported a net loss of EUR100,000 (US$ 120,000) in Q3 as well as a EUR20 million (US$ 23 million) loss in the first 9 months of the year because of "substantial global interruptions", according to its Q3 financial results launched today.

The Madrid-based company's earnings were up 18% to EUR100 million in Q3, with EUR187 million reported for 2021 thus far, yet its EBTIDA amounted to a loss of EUR3.4 million in Q3 2021 and also EUR22.5 million for 2021.

Soltec said this was largely as a result of worldwide interruptions "arising from changes in logistical conditions globally and also a shortage of employees in some nations".

Its commercial department has a record backlog of signed projects pending implementation of EUR397 million (up 210% on last year) and also a pipe-- "projects with a particular possibility of success"-- of over EUR3 billion, a 20% boost year-on-year, according to a company news releases.

The industrial company has actually currently accumulated 10.2 GW of projects, which Soltec stated made it the 3rd biggest distributor of solar trackers worldwide, and also its revenues for 2021 are expected to be in the variety of EUR395-440 million, with its EBITDA margin projection to be between -1% and 1%.

Soltec's advancement business, Powertis, had a pipeline of 9.1 GW at the end of September 2021, that included 722MW in backlog, 1,369 MW projects in innovative phase of advancement, 2,759 MW in beginning as well as 4,229 MW of determined opportunities.

In October, Powertis turned to Aquila Capital in Italy with the transfer of 772MW, which exceeded its growth target of 750MW.

Also in October, Soltec authorized an arrangement with renewables developer Acciona Energia to provide its SF7 variety of trackers over a three-year duration.