Report published August 27, 2026
Goldman Sachs Utilities Daily: Solaria Asymmetric Risk/Reward & Spain Data Center Renewable Mandate
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- Not stated in source
Authors / editors: Alberto Gandolfi, Ajay Patel, Mafalda Pombeiro, Dhwani Khenwar, Lawrence Lavizani, Liam Brueckner
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterates a Buy on Solaria with a €25 price target, viewing the 35% pullback as an attractive entry point ahead of an expected pivot toward a datacenter royalty business model. The report also highlights Spain's draft regulation requiring 80% hourly renewable power matching for data centers.
Key Takeaways
- 1.Goldman Sachs reiterates a Buy rating on Solaria with a €25 price target, highlighting an asymmetric risk/reward after a 35% price drop and potential upside to €29/share if it transitions its datacenter strategy to an equity/royalty model.
- 2.Spain has drafted rules requiring new data center developments of 1MW or greater to match at least 80% of hourly electricity consumption with new renewable power generation.
- 3.Broader European utilities benefit from an earnings super-cycle driven by structural electrification, AI datacenter power demands (notably Agentic AI), and high infrastructure capex.
Table of Contents
- Research you can’t miss from past two weeks
- Solaria: Asymmetric risk/reward: Buy
- Spain drafts rules requiring 80% hourly renewable power for data centers
- Other news
- Research you need to read
- Powering Up Europe: Energy Security: Utilities at the core of Europe’s Electrification (27 April 2026)
- Utilities and Artificial Intelligence: Agentic AI may boost an already strong power demand outlook (23 March 2026)
- Powering Up Europe: Upgrading power demand assumptions, and target P/E valuations (23 March 2026)
- Disclosure Appendix
Report data
Distribution of ratings/investment banking relationships
| Metric | Estimate | Context |
|---|---|---|
| Solaria Share Price Correction | -35.0% | Drop from April 2026 peak back to pre-November 2025 CMD valuation levels. |
| Solaria Price Target | 25.0 EUR/share | Reiterated Buy rating target price. |
| Solaria Upside Valuation (Datacenter Royalty Model) | 29.0 EUR/share | Estimated upside case adding €4/share from a 10% equity stake in a 1 GW datacenter project. |
| Spain Data Center Hourly Renewable Power Requirement | 80.0% | Mandated hourly matching with new renewable power for data centers >= 1MW. |
| Spain Data Center Grid Access Granted | 12.0 GW | Total grid access and connection rights granted to data centers in Spain. |
Reports in this series
GS Utilities Daily is shown in chronological order through this edition, published on August 27, 2026.
Part of the GS Utilities Daily series — view all 18 editions
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- Jun 19GS Utilities Daily: Fortum: Q2 26 preview: Weak EPS expected, driven by lower nuclear volumes :: Siemens Energy: Restructuring to bring
- Jun 23GS Utilities Daily: RWE: The Amprion deal: Moving into power grids would bring several positives :: Centrica: 1H26 Preview: Weak numbers
- Jul 3GS Utilities Daily: Germany reveals reform accelerating grid build-out and new data center legislation :: Engie sign a ten-year agreement for
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Authors / Editors
Reported Data Context
- Solaria Share Price Correction: -35.0 % (April 2026 to August 2026)
- Solaria Price Target: 25.0 EUR/share (12-month) · Source: Goldman Sachs Research
- Solaria Upside Valuation (Datacenter Royalty Model): 29.0 EUR/share (Upside case) · Source: Goldman Sachs Research
- Spain Data Center Hourly Renewable Power Requirement: 80.0 % (Draft rule standard) · Source: DataCenterDynamics
- Spain Data Center Grid Access Granted: 12.0 GW (Since 2021) · Source: Spanish Government / DataCenterDynamics
Securities
Themes
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