Solarprofit specializes in solar photovoltaic system installation. It aims to raise turnover from 39 million in 2021 to 110 million this year, riding the surge in home energy self-consumption and the climb in energy prices, aided by government support.
According to the Llinars del Vallès based company, growth hinges on public subsidies for solar panel installations, together with the deployment of next-generation batteries where appropriate. These batteries can enable customers to reduce or even eliminate electricity bills. Although Solarprofit began operations in 2020, it now leads the photovoltaic market with about a 13% market share. The average cost to install solar panels in Spain sits around 7,000 euros. A typical installation helps households cut dependence on the grid by up to 80%, delivering meaningful savings on electricity bills. While battery systems may require upfront investment, Solarprofit estimates amortization periods of roughly 4 to 5 years with potential annual savings around 800 euros on electricity.
The firm employs over a thousand people and tailors solutions to a broad client base, from residential customers to large enterprises. Client roster includes brands such as Lidl, Mahou, Reig Jofre, Novartis, Audens Food, Nissan, Almirall, ESTEVE and Postres Reina. To streamline decision making, Solarprofit assists with subsidy processing and permits needed for installations.
Founded by Roger Fernández and Oscar Gómez, Solarprofit started in 2007 as an engineering outfit supporting planning and management of photovoltaic project purchases. By the end of 2021, the company had offices across Catalonia, the Balearic Islands, Madrid, the Community of Valencia, the Basque Country, Andalusia and Galicia. In 2022, eleven additional delegations were opened to meet demand. [Source: Solarprofit corporate history]
Market trend
Photovoltaic solar capacity installed in Spain has tripled over the past three years, and forecasts indicate the growth trend will continue into 2022. Government subsidies and incentives explain part of this rise, but higher electricity prices also played a major role. Businesses and households alike increasingly view self-consumption as a viable option. The growing cost of power plus rising rates have heightened interest in solar energy for both homes and enterprises. Solarprofit notes that this environment accelerates decision making, reducing hesitation among potential customers.
On December 14, 2021, Solarprofit began trading on BME Growth after successfully closing an 184 million euro stock subscription and a 20 million euro capital increase. Oscar Gómez and Roger Fernández sold a total of 640,341 shares. After the capital increase, the company counted 217 shareholders (excluding treasury stock), with the founders holding 88.90% of the group and new investors owning 10.88%. [Source: Solarprofit IPO records]
The aim of the IPO was to propel ongoing expansion and position Solarprofit as the largest self-consumption company in Spain. The 2024 target includes surpassing 65,000 residential installations and achieving a cumulative industrial capacity of 100 MW. The company also signed an agreement with Banc Sabadell to offer more than 200,000 single-family homes the chance to install photovoltaic panels and advance their own energy use. Banc Sabadell launched a financing program enabling customers to cover 100% of installation costs for energy-efficient solutions over up to 120 months, with an APR of 5.12% and no opening commission through its consumer finance subsidiary.[Citation: Banc Sabadell partnership release]