Business World of Renewable Energy

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Scatec Solar Presents First Quarter 2018 Results

Oslo, Norway - Scatec Solar ASA reported first quarter proportionate revenues of NOK 573 million (NOK 144 million in first quarter 2017), and EBITDA reached NOK 109 million (87).

As Scatec Solar points out, the increase in proportionate revenues and EBITDA is driven by higher Development & Construction (D&C) activities compared to last year.

Construction continues in Malaysia, Brazil and Honduras and construction has just commenced in Mozambique. This high level of activity lead to D&C revenues of NOK 417 million (0) and EBITDA of NOK 15 million (-15) in the quarter.

Scatec Solar's first quarter consolidated revenues reached NOK 289 million (276), and EBITDA reached NOK 212 million (222).

Financial close was reached for 40 MW in Mozambique in March and 258 MW in South Africa in April 2018. Development & Construction revenues are set to increase significantly over the coming quarters with contract awards of NOK 8.5 billion to realize 1.1 GW of new solar power plants.

"We are pleased to confirm that we are reaching our 2018 growth target. In addition we have added 150 MW in Ukraine and 25 MW in Cameroon to our project pipeline. With 3.6 GW of project pipeline and opportunities, Scatec Solar has a solid basis for growth beyond 2018", says CEO Raymond Carlsen.

Source: IWR Online, 25 Apr 2018