Solaria closes a ten-year power purchase agreement with Shell for 300 MW.

Solaria has closed a long-term power purchase agreement (PPA), in its financial form, with Shell Energy Europe, for a duration of ten years and a total contracted power of 300 megawatts (MW), the Company informed the Spanish National Securities Market Commission (CNMV) on Thursday.

The renewables group, which debuted last October as a new member of the Ibex 35, made a net profit of 25.13 million euros in the first nine months of last year, representing an increase of 79% over the same period last year.

Total income up to September for the renewable energy group amounted to 48.54 million euros, an increase of 60%, while gross operating profit (ebitda) stood at 37.64 million euros (+61%).

In the first nine months of 2020, the company generated 412 gigawatt hours (GWh), more than quadrupling its production compared to the same period last year.

Solaria maintains 800 MW in operation and under construction and has reiterated its objective of reaching 1,375 MW installed at the end of the first quarter of 2021 and 2,150 MW at the end of 2021, counting on having all the necessary permits for the 626 MW Trillo Project in the first quarter of next year. By 2025, the group has a target of 6,200 MW.

Source: El Economista.