Shares of Solaria Energía y Medio Ambiente jumped as much as 13.4% to €15.56 on October 28, after Spain's government proposed new data-center regulations that relax renewable-energy mandates — a move investors read as a direct catalyst for future solar power demand. Spain Eases Data-Center Green Rules and Solaria Surges — Can a Policy Shift Alone Close the Gap to a 25-Euro Target?
Shares of Solaria Energía jumped 13.4% to €15.56 after Spain softened renewable-energy mandates for data centers, handing the solar-power producer its best session in months. But with Goldman Sachs holding a €25 price target — still 61% above today's price — the question is whether regulatory relief translates into actual contracts.
Looser Rules Remove a Bottleneck for Data-Center Construction. Spain eased rules for data-center power usage after an initial government proposal faced strong industry backlash. The key changes: the renewable requirement will start at 60% during peak hours, climb to 70% in 2029, and reach 80% in 2032 — the original tougher proposal would have introduced an 80% level all day immediately.
Solar projects are carved out of the age limit altogether for qualifying renewable supply, a direct benefit for an existing fleet like Solaria's. The threshold for facilities subject to the rules was also raised from 1 MW to more than 10 MW , narrowing the scope to large hyperscale campuses most likely to buy bulk solar power.
Spain's Data-Center Pipeline Is Enormous — and Hungry for Power. Spain has granted more than 12 GW of grid access and connection rights to data centers since 2021 , though the government's own AI strategy needs only 3.5–4 GW of electricity demand by 2030. With abundant renewable energy and large swaths of empty land, Spain has emerged as one of the hottest hubs in Europe, attracting projects tied to artificial intelligence infrastructure worth tens of billions of euros. Even if half those permits stall, the demand overshoot could pull solar procurement forward.
The Earnings Already Reflect a Data-Center Bet. Infrastructure sales — which include selling solar assets to data-center developers — reached €99.60 million in the first half of 2026, up 355% year over year.
Net profit rose 52% to €124.90 million, while revenue jumped 111% to €167.20 million.
Goldman Sachs added Solaria to its European Conviction List on October 2 and set a €25 price target , citing data centers and battery storage as growth drivers.
Political Risk Hasn't Disappeared. Prime Minister Pedro Sánchez has called data centers an "extractive" business, and officials have repeatedly criticized the facilities as financial deals rather than industrial projects. The draft still requires parliamentary and regulatory steps. Solaria has reduced its net-debt-to-EBITDA ratio from 5.4× to 3.9× , giving it balance-sheet room to invest — but only if Spain's political winds keep blowing in its favor.