Business World of Renewable Energy

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Scatec 2nd Quarter Results - Tamping Up Construction and Increasing Backlog and Pipeline

Oslo, Norway - Scatec Solar ASA reported second quarter proportionate revenues of NOK 1,299 million (EUR 136.2 mn) (NOK 167 mn in second quarter 2017), and EBITDA reached NOK 266 mn (EUR 27.9 mn) (100).

As Scatec points out, the increase in proportionate revenues and EBITDA is reflecting a significant step up in construction activities compared to last year. Construction continues for 1.1 GW of solar power plants in Malaysia, Brazil, Honduras, Mozambique and construction activities have just commenced in Egypt and South Africa. The high level of activity lead to D&C revenues of NOK 1,045 mn (0) and EBITDA of NOK 140 mn (-18) in the quarter. Gross NOK 600 mn of equity was raised in June to fund further growth of the company.

"We are very pleased to report significant increase in construction activities and solid financial results in the quarter. We have secured 117 MW in Argentina and 130 MW in Ukraine in the quarter and total project backlog and pipeline increased to 4.5 GW. We continue to see attractive market opportunities with a target of reaching a capacity of 3.5 GW by end of 2021", says CEO Raymond Carlsen.

Scatec Solar's second quarter consolidated revenues reached NOK 286 mn (279), and EBITDA reached NOK 212 mn (217).

Source: IWR Online, 27 Jul 2018