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Solaria increases revenues by 9% in the first quarter of 2024

Solaria records a 9% increase in revenues and enters the data center market, consolidating its position in Europe's energy and digital transition.

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Solaria, a leading developer and producer of photovoltaic solar energy in Europe, announces its results for the first quarter of 2024. Despite low energy prices, revenues rose by 9% to €48.6 million, while EBITDA increased by 4% to €41.8 million. Energy production rose by an impressive 22% to 406 GWh.

Expansion and diversification

Solaria enters the data center market with the creation of Solaria Data Center. The company receives connection authorization from REE for 155 MW of demand, and has applied for a further 860 MW. Enrique Díaz-Tejeiro, President of Solaria, comments:

“We are continuing to diversify our activities by focusing on infrastructure and data centers, which will make us a key player in Europe’s energy and digital transition.”

Performance and growth

Solaria maintains visibility on 4.3 GW of projects, including those in operation, under construction and close to completion. The company is reducing its exposure to market prices by 50% until the end of the current year. Although net income fell by 5% to 23.6 million euros, higher energy production and infrastructure revenues offset this decline.

Strategy and innovation

By entering the data center market, Solaria is leveraging its existing electrical infrastructure and developing additional capacity to meet the growing energy needs of data centers and Artificial Intelligence. The recent purchase of 435 MW of photovoltaic modules at a record price of 9.11 euro cents per watt underlines the company’s commitment to innovation and efficiency.

Partnerships and future developments

Solaria is negotiating the closing of 400 MW of PPAs, which should stabilize revenues and reduce exposure to market fluctuations. The sale of non-strategic pipelines in the early stages of development generated additional revenues of nearly 13 million euros. The company plans to continue playing a crucial role in Spain’s digital transformation.
Results for the first quarter of 2024 demonstrate Solaria’s strength in a volatile price environment. With strategic diversification and investments in innovative technologies, the company is well positioned to lead Europe’s energy and digital transition.

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