February 1 (SeeNews) - Norwegian power producer Scatec Solar ASA on Friday reported a substantial improvement in fourth-quarter net profit and said it had set a new target to reach 1.4 GW-1.6 GW of assets in operation and under construction by end-2018.
Under Scatec’s new growth target, it will aim to have between 550 MW and 600 MW of plants in operation plus 200 MW to 300 MW under construction by the end of this year.
The solar assets developer and owner said its net profit for the fourth quarter of 2015 has surged to NOK 59 million (USD 6.8m/EUR 6.3m) from NOK 5 million a year back. Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rose to NOK 215 million from NOK 133 million.
Consolidated revenues climbed to NOK 267 million from NOK 194 million. Power production went up by over 33% year-on-year to 151 GWh due to normalised seasonal irradiation levels for Scatec’s African projects and higher than expected irradiation for the 60-MW Agua Fria facility in Honduras. On a quarter-on-quarter basis power production increased 40% thanks to the grid connection of the 104-MW Red Hills plant in Utah, the US. The company’s operating asset base now stands at 383 MW gross.
"We report strong results for the fourth quarter 2015 mainly driven by revenue growth entering the summer season in South Africa and a full quarter of production of the 60-MW Agua Fria plant in Honduras," said Scatec Solar's CEO Raymond Carlsen.
Scatec’s current project backlog includes 344 MW, its project pipeline comprises several projects totalling 1.17 GW, while its project opportunities now hold a combined capacity of 2.5 GW across the Americas, Africa and the MENA region.
(NOK 1.0 = USD 0.115/EUR 0.106)