Scatec Solar Posts Strong Financial Results for Q3 2019

Scatec Solar delivered solid results in the Q3 of 2019 with proportionate revenues of USD 166.14 mn and EBITDA of USD 47.2 mn, a 68 percent increase YoY.

Scatec Solar has announced that the company delivered solid results in the third quarter (Q3) of 2019 with proportionate revenues of NOK 1,522 million (1,259) (USD 166.14 million) and EBITDA of NOK 433 million (257) (USD 47.2 million), an increase of 68 percent year on year.

According to the company, the strong growth in the power production segment was due to the commissioning of three new solar power plants in the quarter as planned, delivering production of 295 GWh (73 GWh) on a proportionate basis.

“The increased revenues and EBITDA compared to the same period last year reflects strong growth in power production and continued high construction activity. Power Production revenues reached NOK 357 million (155) and EBITDA NOK 296 million (127). The Development & Construction segment reported revenues of NOK 1,121 million (1,077) and EBITDA of NOK 133 million (130),”  the firm released in a statement

Raymond Carlsen, CEO of Scatec Solar said that the firm closed another eventful quarter with continued growth and high activity in all regions.

“Driven by a strong solar market and a large pipeline of high-quality projects, we have increased our growth target for end 2021 from 3.5 GW to 4.5 GW. To further fund growth, we successfully raised equity of gross NOK 1,320 million,” he said.

Recently, the firm announced that it had, along with its partners, grid-connected the last of the six 65 MW solar power plants in Egypt. Marking the completion of the 390 MW Benban solar project located near Aswan in Upper Egypt. The project is part of the 1.8 GW Benban solar park, one of the world’s biggest solar parks where Scatec Solar is the largest developer.

The estimated annual electricity production of the plant is 870 GWh, enough to provide energy for more than 420,000 households in Egypt. The solar plants will also contribute to avoiding about 350,000 tons of CO2 emissions per year.