Spanish Solar Developer Aims For 18 GW Capacity By 2030

• Solaria Energia to expand its installed solar power capacity by 2030 to 18 GW
• Spain is where it aims to have 10 GW of this target capacity, followed by 3 GW in Italy and 1 GW in Portugal
• Within rest of Europe it plans to acquire platform and pipeline to add another 4 GW
• Management said it will launch construction of the Trillo Solar Complex by April 2021, and bring it online by December 2021

Reiterating its earlier declared target to have 6.2 GW installed solar power capacity by 2025, Solaria Energia y Medio Ambiente of Spain has now added a new goal for itself, to scale up the cumulative to 18 GW by 2030. Till the end of December 2020, it had reached 1.03 GW in operation and under construction projects and continues to aim for 2.15 GW by the end of 2021.

The management has provided a roadmap for a steep rise to 18 GW from now, even though it doesn't specify how it plans to finance the expansion. Of the 18 GW, it plans for 10 GW to come up in Spain alone, followed by 3 GW in Italy, 1 GW in Portugal and 4 GW in other European nations. Solaria specified that it aims to have organic growth in core Iberian market mainly by participating in auctions, but for the 4 GW in other European nations the expansion will mostly be inorganic via the route of acquisition of pipeline and platform. Spain has said it will be holding PV auctions for 10 GW till 2025 (see Spain Plans To Tender 10 GW PV By 2025).

The confidence of the Spanish company is rooted in the European Union (EU) approving the increase in the target to reduce polluting emissions in the region from 40% to 55% by 2030—meaning EU member states will need to increase the share of renewable energies in their electricity mix.

Demand for green hydrogen and need for further electrification will spur the demand for renewables in the EU. At the same time, Solaria says it has built the fundamental pillars to undertake its strong growth in the Iberian Peninsula and in Europe.

Financials

In 2020, Solaria Energia performed well growing its annual revenues by 48% to €64.5 million ($78 million), EBITDA by 56% to €49.1 million ($59 million) and net profit by 27% to €30.4 million ($37 million). The year 2021 is important for the company as it starts construction of its largest solar plant with 626 MW capacity in Spain in April 2021 with commercial operations scheduled to begin in December 2021. The grid access permit for the project is already in (see Solaria To Expand 450 MW PV Complex To 626 MW).