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Scatec Solar on Track to Reach 2018 Growth Targets

Oslo - Scatec Solar published the results for the first quarter 2017. The Norwegian solar company added 400 MW to the project backlog with the signing of 25-year PPAs for six projects in Egypt. With these additions, the total backlog reached 1,131 MW.

First quarter consolidated revenues reached NOK 276 million, up from 228 million in the same period last year. Consolidated EBITDA reached NOK 222 million, up from NOK 165 million last year. The year on year increase in revenues is mainly explained by additional revenues from the new plants in Jordan and a strengthening of ZAR/NOK of 17 percent.

To improve earnings visibility Scatec Solar will this quarter supplement consolidated financials with reporting on based on SSO´s proportionate method without eliminations. SSO´s proportionate revenues reached NOK 143 million, down from 375 million in the same period last year. Proportionate EBITDA reached NOK 87 million, up from NOK 83 million last year. More details on the financials can be found in the first quarter report and presentation.

Scatec Solar´s proportionate share of cash flow to equity across all business activities reached NOK 7 million in the first quarter, compared to NOK 22 million in the same period last year. Power production reached 156 GWh in the first quarter, up 12 percent from same quarter last year, excluding the sold Utah plant, and down 7 percent from previous quarter due to seasonally lower production South Africa.

"In the first quarter we have made further development progress, and with a project backlog of 1,131 MW we are on track to reach our growth targets for 2018. With NOK 380 million of equity and with a cash position of NOK 665 million we have funding for planned equity investments in our project backlog" says Scatec Solar´s CEO, Raymond Carlsen.

Source: IWR Online, 05 May 2017