Scatec Solar posts Q3 loss, power production keeps growing

The Dyason's Klip 2 solar farm in Upington, South Africa. Image by Scatec Solar (www.scatecsolar.com)

Oslo-based solar power producer Scatec Solar ASA (OSL:SSO) reported another quarterly loss, while power production revenues and EBITDA grew.

The company’s power plants generated 430 GWh in the third quarter of 2020, up by 46% year-on-year. Its proportionat earnings before interest, tax, depreciation and amortisation (EBITDA) from power production rose to NOK 379 million (USD 40.5m/EUR 34.5m) from NOK 291 million a year earlier, but the increase could not fully offset a drop in EBITDA at the development and construction division from NOK 133 million to a loss of NOK 27 million.

Development and construction revenues plunged from NOK 1.12 billion to just NOK 30 million. The table contains more details.

Figures in NOK million, unless otherwise noted	Q3 2020	Q2 2020	Q3 2019	9-mo 2020	9-mo 2019
Proportionate Financials
Revenues and other income	556	925	1,522	2,347	4,699
- from Power Production	457	458	343	1,306	798
- from Development & Construction	30	383	1,121	827	3,756
EBITDA	319	417	433	1,082	1,136
- from Power Production	379	374	291	1,084	671
- from Development & Construction	(27)	22	133	10	457
Profit (loss)	(85)	(15)	174	140	439
Power production in GWh	430	406	295	1,185	626
Consolidated Financials
Revenues and other income	724	725	512	2,075	1,214
EBITDA	538	580	418	1,621	949
Profit (loss)	(24)	(81)	66	193	99

“All of our plants continue to deliver stable power production and we experience high project development activity across most markets, despite COVID-19 restrictions,” said CEO Raymond Carlsen.

Scatec Solar’s total capacity in operation has reached 1.55 GW with an economic interest of 59%. It has 352 MW under construction in Ukraine and Argentina, and a total backlog and pipeline of 7 GW.

Today, the company also announced a binding agreement with Norfund to buy its hydro business SN Power AS for USD 1.166 billion (EUR 953m). It supports Scatec’s ambition to become a global large-scale player in solar, hydro, wind and storage.

(NOK 10 = USD 1.07/EUR 0.91)

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