Powering the AI revolution; initiating at Overweight

Research evidence excerpt

Powering the AI revolution; initiating at Overweight

Power Technology & Infrastructure

Solaria Energia (SLR SM)

EQUITY RESEARCH Initiating Coverage

May 20, 2026

Powering the AI revolution; initiating at Overweight Price: €23.35

Price Target: €30.00 Europe's power grid is the bottleneck of the AI build-out. European

Rating: Overweight utilities have received c.280 GW of datacentre connection requests,

Key Statistics: equivalent to c.90% of EU-wide power demand. With Europe's highest solar

Symbol MADRID: SLR SM irradiation levels and subsea-cable connectivity to the Americas, Spain is

52-Week Range 6.40 - 25.85 emerging as the preferred DC destination.

Market Cap 3,306.7

ADV (3 mo) 1,133,449 Solaria is strongly positioned to capitalise on this opportunity. As a

Free Float (%) 54.100 leading solar independent power producer (IPP) in Spain, the company

EV ($M) 4,430 owns proprietary high-voltage infrastructure, including c.1,000km of lines, Shares Out (M) 137.4

c.100 substations and 400ha of secured land. By connecting DC operators

directly to its grid, Solaria eliminates approval queues of several years Research Analysts:

and delivers substantial grid tariff savings (c.€20m pa per 200 MW Christian Salis

Cantor Europe site) through a behind-the-meter architecture. Wind and battery storage

+49 173 913 8242 capacity (BESS) completes the stack, enabling 24/7 carbon-free power

Christian.Salis@cantor.com delivery, making Solaria the preferred partner for hyperscale DC operators.

Sales (€) Visibility on growth is excellent. Solaria has secured rights to

FYE Dec 2026E 2027E 2028E commercialise 3.4 GW of powered land for DC operators. First hyperscaler

Year 377(M)E 532(M) 621(M) deals have been signed with Merlin Properties (c.440 MW), and a tier-1