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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

Source: IWR Online, 05 May 2017