January 24 (Renewables Now) - Oslo-based solar power producer Scatec Solar ASA (OSL:SSO) today reported a fourth-quarter 2019 profit of NOK 91 million (USD 10.1m/EUR 9.2m), on a proportionate basis, down from NOK 204 million a year back, but the full-year result was up by 33%.
The company, in which Norwegian energy major Equinor ASA (NYSE:EQNR) owns 15.2%, saw its operating profit and revenues decline slightly, while proportionate and earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter improved by 32% year-on-year thanks to the commissioning of new solar photovoltaic (PV) capacity and higher revenues from power production.
Proportionate power generation rose to 298 GWh from 108 GWh a year before, and is expected to grow further in the first quarter of 2020 to 305 GWh-325 GWh. The proportionate output is seen at 1,250 GWh-1,350 GWh for the full 2020, as compared to 926 GWh in 2019.
The table below shows more details about Scatec Solar’s performance.
|Results in NOK million||Q4 2019||Q4 2018||2019||2018|
|Revenue and other income||1,642||1,666||6,341||4,725|
|- of which power generation||379||180||1,216||622|
|- of which development and construction||1,222||1,466||4,980||4,005|
|Revenue and other income||568||344||1,783||1,213|
The Norwegian company brought online a 390-MW solar park in Egypt and won 360 MW of new solar projects in Tunisia during the last quarter of 2019. It ended the year with an installed capacity of 1,193 MW and 711 MW of plants under construction. Additionally, it had 568 MW of projects in the backlog.
As announced previously, Scatec Solar aims to have 4.5 GW of solar capacity in operation and under construction by the end of 2021.
(NOK 1.0 = USD 0.111/EUR 0.101)