Solar tracker maker Soltec’s revenue rose 354% year over year in the fourth quarter of 2021

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Soltec Power Holdings reported fourth quarter 2021 revenue of €159.6 million (circa Q4 2020 and a 59% QoQ growth) in its recently announced financial results for the fourth quarter of 2021 compared to €100 million in the third quarter of 2021.

The Company is a holding company that manufactures and supplies horizontal single-axis solar trackers and provides installation and maintenance services through its subsidiaries.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2021 were 15.7 million euros (~$17.42 million), down 361% year-on-year compared to a loss of 3.4% million euros (~$3.77 million) recorded in Q4 2020 and a 91% QoQ decrease compared to a loss of 8.2 million euros (~$9.10 million), recorded in the third quarter of 2021.

The company reported net income of €18.8 million (~$20.86 million) in Q4 2021, up 57% year-on-year compared to a net loss of €11.9 million (~$13.20 million). million US dollars) in Q4 2020.

Results for the full year 2021

Full year 2021 reported revenue was €346.5 million (~US$384.38 million), an increase of 47% year-on-year compared to €235.6 million (~US$261.35 million) for the year year 2020.

Adjusted EBITDA for 2021 was a loss of €6.4 million (~$7.10 million), an improvement of 31% year-on-year compared to a loss of €9.4 million (~$10.43 million) in 2020 .

The company reported a net loss of €1.2 million (~US$1.33 million) in 2021, a 75% year-on-year improvement compared to a net loss of €4.9 million (~US$5.44 million -dollars) in 2020.

Soltech had a strong revenue base throughout the year, improving each quarter, driven primarily by tracker shipments and other construction services.

EBITDA has steadily improved throughout the year due to actions taken by Soltec to mitigate the impact of market disruptions mainly caused by international logistics as well as lack of human resources in certain countries.

Soltec Industry

Soltec Industrial is the division of Soltec Power Holdings specializing in single-axis solar trackers.

quarterly results

Soltec Industrial reported Q4 2021 revenue of €223.2 million (~US$247.60 million), up 529% year-on-year from €35.5 million (~US$39.38 million) in Q4 2020 and a QoQ growth of 123% compared to €100.7 million (~$111.71 million) recorded in Q3 2021.

Adjusted EBITDA for Q4 2021 was €6.3 million (~$7 million), down 10% year-on-year compared to a loss of €7 million (~$7.77 million) in Q4 2020 and a QoQ increase of 215% compared to €2 million (~$2.22 million) loss in Q3 2021.

Results for the full year 2021

Soltec Industrial reported sales of €411.8 million (~US$456.82 million) in 2021, an increase of 74% year-on-year compared to €236.2 million (~US$262.02 million) in 2020.

Adjusted EBITDA for 2021 was a loss of €13.6 million (~US$15.09 million), up 20% year-on-year compared to a loss of €11.3 million (~US$12.54 million -dollars) in 2020.

In 2021, the company signed the three-year framework agreement with Acciona Energía to supply solar trackers for various projects, starting with a photovoltaic park in the province of Cuenca, Spain. It signed a contract with Moss & Associates to supply projects in Colorado, USA, with an installed capacity of 700 MW.

The company signed two new contracts for the supply of solar trackers for projects in Peru and Colombia totaling 610 MW and an agreement for the supply and installation of its SF7 tracker with Metka EGN (Mytilineos Group) for a 50 MW project in Jaén, Andalusia.

The company’s photovoltaic project development division ended the year with a pipeline of 10.3 GW in various stages of development, spread across 722 MW of backlog (portfolio of signed orders), 3.04 GW at an advanced stage, 2.6 GW at an early stage and 3.9 GW of identified opportunities.

By 2021, the project development division had rotated 1,288 MW of its asset portfolio across Italy and Spain and recorded an operating EBITDA of 10 million euros (~$11.09 million). Three separate agreements drove these rotations – the first agreement for the partial rotation of 95 MW in Spain to Total, a second agreement for the partial rotation of 772 MW to Aquila Capital in Italy, followed by a third agreement for the partial rotation of others 421 MW in Italy to Aquila Capital.

In October 2021, Powertis, a Spanish company dedicated to the development of solar PV projects and belonging to Soltec Power, had completed the agreement signed with Aquila Capital for the joint development of solar PV projects in Italy.

In July 2021, the global solar PV project development division of Soltec Power Holdings and Banco de Nordeste do Brasil signed an agreement to finance a new solar PV project in Brazil for 86 million euros (~101 million euros). The Graviola project is located in the municipality of São João do Piauí (Brazil) and will have an installed capacity of 375 MW.

Image credit: Adsala, CC BY-SA 4.0, via Wikimedia Commons


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