Soltec's backlog increased by 91 percent in H1 2021
Post date: 29/10/2021 - 16:24
Spanish tracker manufacturer Soltec Power Holdings S.A. closed the second quarter of the year with revenues of €58.6 million ($68.2 million), representing an increase of seven percent. Net profit was €-12.3 million ($-14.3 million). At the end of the first half of the year, Soltec's backlog (signed contracts pending execution) reached €363 million, an increase of 91 percent compared to the same period last year, and a pipeline reaching €2,906 million, 35 percent 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 the announced with the company Moss & Associates, LLC for the supply of trackers in a project of two photovoltaic plants in Colorado, USA, with an installed capacity of 700 MW.
In addition, during the second quarter, the company closed different contracts in Spain, such as the agreement reached with Statkraft for the supply of trackers for a project of 234 MW in Cadiz or the one signed with Endesa for three photovoltaic plants in Extremadura, with an installed capacity of 142 MW.
In September, the company communicated to the market its forecast for the end of 2021, with expected revenues in the range of €395 million to €440 million. In the case of the project development division (Powertis), a pipeline of 10 GW is expected for 2021.
Powertis, Soltec Power Holding’s development business for solar photovoltaic projects is currently present in six markets: Brazil, Spain, Italy, Denmark, United States and Colombia. The company has recently announced its entry into Denmark, where it plans to develop a portfolio of photovoltaic projects strategically located in different regions of Denmark with an installed capacity of more than 150 MW.