Soltec’s 2021 Financial Results

Spanish Solar Tracker Supplier Soltec Improves Annual Revenues In 2021 By 47%, But Reports Net Loss

Soltec’s 2021 Financial Results

Soltec said in 2021 it was able to mitigate the impact of market disruptions caused by international logistics and shortage of labor in certain countries, to report consolidated revenues of €346.5 million. (Photo Credit: Soltec Power Holdings)

  • Soltec grew its consolidated revenues for 2021 by 47% on annual basis to which Q4/2021’s contribution was €160 million
  • Its project development pipeline at the end of 2021 was 10.3 GW, comprising 3.04 GW at an advanced stage
  • Industrial division has 1.72 GW of backlog orders that went up 32% YoY and 25.2 GW of pipeline with a 15% annual growth

Solar tracker supplier from Spain, Soltec Power Holdings grew its project development pipeline to exceed 10 GW at the end of 2021 when it reported record consolidated revenues of €346.5 million, reflecting a 47% annual increase. While its net profit was in the negative at €-1.2 million, the management said this is an improvement of €3.8 million on annual basis.

EBITDA for 2021 on consolidated basis was €6.9 million. To the consolidated results, Q4/2021 contributed €160 million as revenues and EBITDA of €16 million.

The industrial division, which deals with tracker manufacturing and supply, Soltec had 1.726 GW of backlog orders having grown 32% YoY, and a 25.2 GW of pipeline representing an annual growth of 15%.

At the end of 2021, Soltec’s total project development pipeline stood at 10.3 GW at various stages of development, including 722 MW of backlog, 3.044 GW at an advanced stage and 2.571 GW at an early stage and 3.964 GW of identified opportunities.

Soltec’s project development business is active in Spain, Italy, Brazil, Colombia, Denmark and the UK. Out of these, it forayed into 3 new markets – Colombia, the US and Denmark in 2021 (see Latin America PV News Snippets).

The management said it was able to mitigate the impact of market disruptions, mainly caused by international logistics, as well as the shortage of personnel resources in certain countries.

The tracker company expects to report a consolidated EBITDA of between €15 million and €20 million for 2022 to be made possible with the vertical integration of its industrial and development division, along with other measures. Individually, the industrial division is expected to bring in revenues of €450 million to €550 million.

Soltec will share further business development plans for 2022-2024 on March 23, 2022 during its Capital Markets Day.

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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