Soltec Revenue Up 7% to €58.6 Mn in Q2

Solar tracker specialist Soltec Power Holdings posted second quarter revenues of €58.6 million, representing an increase of 7 per cent, as compared to the same period last year.
 
It has an adjusted EBITDA of €-12.0 million and a pro-forma net profit of €-12.3 million. The company maintains a solid financial position, with net cash of €20.4 million.
 
In September, the company forecasted for the end of 2021, with expected revenues in the industrial division in the range of €395 million to €440 million, while the EBITDA margin is expected to be in the range of -1 per cent to +1 per cent.
 
The company said that current global disruptions, mainly caused by the changing conditions in international logistics, as well as the lack of staff resources in certain countries, have a direct impact on margins in the second half of the year.
 
However, the business guidance remains unchanged in the medium term, in spite of cyclical changes.
 
At the end of H1 2021, Soltec Industrial’s operating indicators continue to show record figures, which is indicative of the strength of the business, with a backlog (signed contracts pending execution) of €363 million, which has grown by 91 per cent compared to the same period last year, and a pipeline reaching €2,906 million, 35 per cent higher than in the first half of 2020.
 
 
The firm has a track record of 9.3 GW, becoming the third global firm in terms of solar tracker supply, by accumulated MW.
 
 
Soltec has recently signed significant contracts in the North American market, such as for the supply of trackers to Moss & Associates, in a project of 2 photovoltaic (PV) plants in Colorado, USA, with 700 MW installed capacity.
 
In addition, during Q2, the company closed different contracts in Spain, such as with Statkraft for the supply of trackers for 234 MW project in Cadiz, and another signed with Endesa for 3 PV plants in Extremadura, with 142 MW installed capacity.
 
Meanwhile, the company has recently announced its entry into Denmark, where it plans to develop a portfolio of PV projects with an installed capacity of over 150 MW.