The installation of solar panels is experiencing a boom in both the housing and business markets. The sector is going through its best moment sponsored by favorable regulation and the low cost of renewable energy.
One of the companies that corroborate this bonanza is Solideo, which has seen its annual turnover multiply by more than 4. According to the founder of the business, Rafa Reyes, the company has closed the 2022 financial year with revenues of 21 million euros, compared to the 4.8 million euros obtained in 2021. Gross profit (Ebitda) has been around to a million euros. Growth has also had an impact on the workforce, going from 90 to 300 workers in one year.
“The sector is experiencing strong growth. In the early years, the activity was concentrated in single-family homes and now 40% of the installations already come from communities of owners. We also see a lot of dynamism in companies and administrations, which contribute 20% of the income”.
Reyes says that the company has tried to contain prices as much as possible given the rise in costs and the scarcity of materials. “We have not passed on inflation to the final consumer, on the other hand, to the industry, yes. We have raised prices between 15 and 20%”.
Reyes explains that there are more and more competitors in the market. “In our case, we try to maintain the difference with a local treatment and a comprehensive service, which addresses the entire process. For this reason, we are about to launch our energy trading company”. The company is active in much of Spain. It has a headquarters in Sant Cugat and offices in Madrid, Malaga and Seville. Soon, it plans to open subsidiaries in Alicante and Bilbao.
In addition, Solideo plans to grow by acquiring small competing companies and launching a strong marketing campaign throughout Spain that will make the brand known. “To carry out this growth plan, we want to raise between 10 and 15 million euros. We are in talks with venture capital funds and industrial companies”, explains the CEO, who assures that he will maintain control of the property despite the capital increase.
With this growth plan, the company expects to reach a turnover of 45 million euros this year. It also plans to hire a hundred more people. To maintain the quality of the service, it has set up an installer training academy. "We can reconvert hotel and construction professionals to a booming sector," says Reyes.
