Umbrella Solar Investment grows 15% in revenues.

UMBRELLA SOLAR INVESTMENT GROWS 15% IN REVENUES TO 21.4 MILLION EUROS AND MULTIPLIES EBITDA BY 2.5 TIMES

o The industrial self-consumption area closed the semester at 7.1M€.

o Strong momentum in the residential self-consumption area, with a 71% increase in turnover to €13.8 million.

o The company has 8.2 MWp of photovoltaic power in operation and is starting construction of its 212 MWp “Infinity” portfolio.

o Net debt does not reflect the €23 million capital increase completed in July.

 

The solar photovoltaic group Umbrella Solar Investment (Ticker BME Growth: USI) has presented its figures for the first half of the year, reflecting a positive evolution in terms of growth, profitability parameters and an increase in its own electricity generation capacity.

Consolidated revenues through June totaled €21.4 million, representing a 15% increase in revenues compared to the first six months of the previous fiscal year.

In the area of solar power production (IPP) and large-scale industrial self-consumption, operated through its subsidiary IM2 Energía Solar, revenues for the first half of the year amounted to €7.1 million, which represents 33% of total consolidated revenues. The company thus exceeds 47 MW installed and in operation, and is one of the main references in the industrial self-consumption sector.

The solar power production area (IPP) has received a strong boost with the connection of phase II of the “Puente Genil” project, with 1.6 MWp of power in Cordoba, which is added to the company’s existing generation portfolio, totaling 8.2 MWp.

In the same line of business, Umbrella Solar Investment structured a financing deal in July with Incus Capital and RGreen Invest to provide €148.5 million in financing for its “Infinity” portfolio of projects, which has already begun construction and will add 212 MWp of solar capacity to the group’s power generation business.

IM2 Solar Chile, USI’s subsidiary focused on the Chilean solar sector, has reached €10.2M in individual revenues at the end of June, and the relevant figure of 100 MW of connected capacity in the country, a relevant part of which is linked to the projects sold to ENEL Green Power under the agreement for the development, construction and maintenance of 500MW of solar projects signed between the two companies.

In residential self-consumption, Umbrella’s second business area, operated through the company Turbo Energy, the figures for the first half of the year show a strong boost in revenues to €13.8 million, representing a 71% increase compared to the same period in 2021. This brings the weight of this area in total revenues at the end of June to 64.5%.

SunBox, an integrated equipment for photovoltaic application in homes and Turbo Energy’s reference product, recorded a considerable increase in sales combined with a strong increase in turnover in international markets.

Total accumulated sales at the end of June, excluding the deconsolidation process, amounted to €23.2 million in Spain and €10.6 million in Chile.

At the consolidated level, USI’s operating profit (EBITDA) is 2.5 times the 2021 figures, reaching €1.56M in the period, as a result of the favorable performance of IM2 Energía Solar and Turbo Energy.

The group’s net debt, largely in the form of working capital due to the growth of activity in the different areas, stood at €15.1 M at the end of June, which represents a growth of 27% in line with the increase in activity. It should be noted that the figure does not include the €23.6 million raised by the company in a private capital increase led by Bankinter for qualified investors, which closed in July and after which the company was listed on the BME Growth market on July 29.

In the words of Enrique Selva, CEO of Umbrella Solar Investment: “Through the creation of this financial structure we have successfully completed the transformation of our business model to one of greater added value based on the production of solar electricity, which allows us to obtain the maximum economic return from the company’s existing capabilities such as the development, construction and maintenance of photovoltaic projects, generating a vertical integration that provides us with great growth potential.

On a purely financial level we expect a relevant impact of all the investment made in the development and securitization of project permits and licenses as well as the construction of solar assets to materialize during the second half of 2023, when we expect to have tripled the productive capacity as a consequence of the completion of the 26MWp “Alange” project, now under construction.

About Umbrella Solar Investment

Umbrella Solar Investment captures the full business potential in the solar photovoltaic value chain, generating renewable electricity from IM2 Energía Solar and producing advanced equipment for residential solar self-consumption from Turbo Energy.

Umbrella is the answer to the great challenge facing society in the face of the serious problems of the climate crisis, energy poverty and the transition to a sustainable energy model.

Since last July, the Valencian company has been listed on the Spanish Stock Exchanges and Markets (BME), through BME Growth.

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IR Capital Comunicación – Carlos Cernudacarlos@ircapital.es
Tel – 649412222

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