Scatec Solar lifts Q3 revenue, has 1.06 GW under construction

Source: Scatec Solar's Q3 report.

October 23 (Renewables Now) - Scatec Solar ASA (OSL:SSO), the Norwegian independent power producer (IPP) with 357 MW of solar capacity in operation, saw its third-quarter proportionate revenues grow by 40% year-on-year, but its profit almost halved.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to NOK 266 million (USD 32m/EUR 28m) from NOK 500 million in the same quarter of 2017, and profit for the period was NOK 195 million, down from NOK 360 million. Scatec last week explained that the prior-year result included a NOK-375-million gain on the sale of a stake in the 162-MW Apodi solar project in Brazil.

Details on the company’s performance are available in the table.

Results in NOK million Q3 2018 Q3 2017 9-mo 2018 9-mo 2017
Proportionate revenues 1,259 924 3,060 1,236
Proportionate EBITDA 257 500 632 687
Proportionate profit 110 394 195 360
Consolidated revenue 294 655 869 1,210
Consolidated EBITDA 221 595 645 1,034
Consolidated profit 36 407 150 439
Consolidated profit to Scatec 14 383 94 374

Scatec has 1,057 MW under construction with awarded development and construction (D&C) contracts of a total of NOK 8 billion. Based on current plans, the company expects roughly 50% of the contract value to be recognised as revenue in 2018. The D&C revenues in the third quarter, amounting to NOK 1.08 billion, were generated by projects in Brazil, Egypt, Honduras, Malaysia, Mozambique and South Africa.

(NOK 10 = USD 1.21/EUR 1.05)

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Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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