Solaria Energia Ticks All Boxes For 9M/2022 Financials

• Solaria Energia's 9M/2022 financials were healthy, thanks to increase in power generation from new projects
• It claims to have a group connection capacity of 130% of its 2025 target, and expects to reach there faster
• In Spain, it counts having 8 GW with a connection point and close to 1 GW in Italy

Increased energy generation from new power plants brought online in 2021-end and in 2022 helped Spain headquartered solar energy developer Solaria Energía y Medio Ambiente report a strong 9M/2022 with EBITDA growing 56% annually, and expects to secure environmental permits for 'thousands of MWs' soon.

The company's annual revenues in the initial 3 quarters of 2022 improved by 51% to €121 million, with EBITDA growing 56% to $109 million and net profit went up 86% to €69.7 million (see Solaria Energia 9M/2021 Financial Results).

Management counts its total operational solar capacity across all its markets, including Spain as over 1 GW, with another 1.034 GW under construction, including the largest planned solar plant in Spain so far, 626 MW Cifuentes-Trillo Solar Power Plant. This project it said it set to come online soon. (see Solaria To Build 626 MW PV Plant In Spain).

The recent addition of 1.2 GW in Spain, Solaria now has 8 GW capacity in the country with a connection point, and close to 1 GW in Italy. It is also seeking new connection points in Germany. "With these, the Group's connection capacity stands at 130% of its 2025 target," it stated.

Solaria remains confident of reaching 6.2 GW of installed solar power capacity before the target year of 2025 as it expects to secure environmental authorization for thousands of MWs soon. It recently raised €134 million from Banco Sabadell for 285 MW PV capacity in Spain's Castilla y Leon.

The Spanish company's overarching target is to have a cumulative 18 GW capacity installed by 2030, out of which 10 GW is aimed for Spain alone, followed by 3 GW in Italy, 1 GW in Portugal and 4 GW in other European nations (see Spanish Solar Developer Aims For 18 GW Capacity By 2030).

The renewable energy industry in Spain and elsewhere in European Union (EU) is expected to grow significantly after the European Commission proposed fast tracking renewable energy projects in the bloc as part of a temporary emergency regulation that will speed up permitting process for such projects. For solar projects, the permitting deadline is a maximum of 1-month (see European Commission Proposes Faster Permitting For Renewables).