Solaria Special FY24 Results

Solaria is one of the leading renewable energy companies in Europe. Historically focused on photovoltaic energy in Spain, but also present in Portugal, Greece, and Italy, it has recently started diversifying into wind projects (UK) and initiated storage projects. Similarly, it has launched an infrastructure division to own the land where renewable projects are developed and has focused on the opportunity in Data Centers, where it expects to capitalize on the high demand from technology companies.

Since its peak in 2021, it has suffered a drop of more than 70% (similar to the rest of the industry) due to the rotation of investment flows towards other sectors after the COVID boom (multiple re-rating), especially significant since Trump’s arrival at the White House. Additionally, internal factors such as delays in many of its projects, the slowdown in new installed capacity, and the widespread decline in energy prices in 2024 have also played a role.

2025 is set to be the company’s turning point, driven by the recovery in prices, the 1.4GW they plan to connect (they currently have 1.6GW in operation, so the increase should be significant even if they fall short of the target), and the first revenues from their new Real Estate (Generia) and Data Centers divisions.

Today, we analyze its results released this Thursday, the company’s current situation, comments from the conference call, and an update of our spreadsheet with all the company’s details

You can find our updated investment thesis , and financial model on our website