Solaria Secures Major Solar Module Deal Worth €396 Million

Solaria Secures Major Solar Module Deal Worth €396 Million

Solaria has announced a significant acquisition of 435 MWh of photovoltaic modules at a rate of €0.0911 per watt from a Tier 1 manufacturer, amounting to a total expenditure of €396 million, according to a report filed with the National Securities Market Commission (CNMV).

The company detailed in a statement that the modules will be installed at the Garoña photovoltaic complex, which boasts a capacity of 700 MW, with installation slated for 2024.

This purchase price represents a 2.15% decrease from the company’s last acquisition in December 2023, and a substantial 71% drop compared to 2022 prices, Solaria explained.

The Santa María de Garoña nuclear power plant, which has reached the end of its operational lifespan after 41 years, will be replaced by a green energy facility. This project kicked off construction in March following the receipt of the necessary approvals and is backed financially by the European Investment Bank and Banco Santander.

The four plants that comprise this project are expected to generate total revenues of €650 million for public administrations over the 30-year lifespan of the facility, the company noted, adding that the construction will create 2,400 jobs.

Furthermore, the new solar photovoltaic park is projected to produce enough electricity to meet the annual consumption needs of the entire province of Burgos, powering up to 300,000 homes.

Solaria’s shares have performed exceptionally well, marking 2023 as the company’s most successful year to date with earnings of €107 million, up 19.4%. The shares climbed 4.21% to €10.28 at the close of the last trading session on Friday.