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Scatec Solar: Fourth quarter results - Ramping up Construction while Capturing New Opportunities

Oslo, Norway – The Norway based solar company Scatec Solar has published financial figures for fourth quarter 2017. Scatec Solar's fourth quarter consolidated revenues reached EUR 29,1 million (EUR 37,6 mn), and EBITDA reached EUR 21,4 million (EUR 30,4 mn).

Power production reached 167 GWh. Power production, revenues and EBITDA were broadly in line with the same period last year (excluding divestments).

According to Scatec Solar construction is under way in Malaysia, Brazil and Honduras and EUR 20,7 million of construction revenues were recognized in the fourth quarter.

For the full year 2017, Scatec Solar's proportionate share of revenues reached EUR 0,18 billion, up from EUR 0,12 billion in 2016. Proportionate EBITDA reached EUR 82 million, up from EUR 38,9 million in 2016. Cash flow to Scatec Solar's equity across all business segments reached EUR 27,4 million in 2017, compared to EUR 10,8 million in 2016.

"We have closed financing for 800 MW of new solar plants in 2017 and this will expand the plants we have in operation significantly when completed. We continue to develop project opportunities globally through strong partnerships", says Scatec Solar's CEO, Raymond Carlsen.

The Board of Directors propose 2017 dividends of EUR 0,08 per share - up 10 percent from 2016 to be approved by the Annual General Meeting to be held on April 23, 2018.

Source: IWR Online, 05 Feb 2018