Scatec Solar turns to Q2 loss, power production doubles

Solar power plant in Ukraine. Source: Scatec Solar (scatecsolar.com)

Oslo-based solar power producer Scatec Solar ASA (OSL:SSO) today reported a NOK-15-million (USD 1.6m/EUR 1.4m) proportionate net loss for the second quarter of 2020 versus a profit of NOK 142 million a year earlier.

The bottom line was negative even as earnings before interest, tax, depreciation and amortisation (EBITDA) on a proportionate basis rose by 7.5%.

The company explained that due to the fact that its current portfolio of projects under construction is almost complete, its quarterly revenues fell by about 44% on the year. This drop was partly offset by higher revenues from power production. The particular segment also reported a 73% jump in proportionate EBITDA, which contributed to the overall increase for the group.

More details about both the company's proportionate and consolidated figures are available below.

Figures in NOK million, unless otherwise noted	Q1 2020	Q1 2019
Proportionate Financials
Revenues and other income	925	1,648
EBITDA	417	388
Operating profit (EBIT)	262	298
Profit (loss)	(15)	142
Power Production (GWh)	406	406198
Consolidated Financials
Revenues and other income	725	376
EBITDA	580	290
Operating profit (EBIT)	377	188
Profit (loss)	(81)	21
Power Production (GWh)	738	346

It should be noted that the consolidated net result for Q2 2020 was impacted by an unrealised currency loss of NOK 169 million.

“Even though COVID-19 continues to impact some solar markets, we are growing our pipeline. With available liquidity of NOK 3.6 billion we are progressing several large project opportunities across emerging markets,” said CEO Raymond Carlsen.

The company’s total backlog and pipeline currently amount to 6.1 GW.

(NOK 10 = USD 1.078/EUR 0.943)

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