Scatec Solar's development & construction revenues growing

Source: Scatec Solar ASA, License: All Rights Reserved.

April 23 (Renewables Now) - Scatec Solar ASA (OSL:SSO) on Friday reported results for the first quarter (Q1) of 2018, which included a jump in development & construction revenues to NOK 417 million (USD 53m/EUR 43m), leading to higher EBITDA.

Scatec Solar's Q1 development & construction revenues rose from zero a year ago and from NOK 294 million a quarter ago thanks to projects in Honduras, Malaysia, Brazil and Mozambique. Proportionate earnings before interest, tax, depreciation and amortisation (EBITDA) for that segment thus reached NOK 15 million, versus a loss on NOK 15 million a year ago. The total proportionate EBITDA for the quarter increased to NOK 109 million from NOK 87 million in Q1 2016.

Proportionate financials are adjusted for Scatec's economic interest in power companies.

The Norwegian solar park builder and operator said Friday development & construction revenues are set to grow significantly in the coming quarters as it has secured contract awards of NOK 8.5 billion for 1.1 GW of new solar power capacity.

Scatec Solar's proportionate (PROP) and consolidated (CONS) results are in the table.

Results in NOK million PROP Q1 2018 PROP Q1 2017 CONS Q1 2018 CONS Q1 2017
Revenue & other income 572 144 289 276
EBITDA 109 87 212 222
Profit (loss) - (8) 12 31
Profit/(loss) to Scatec Solar N/A N/A (18) 4
Profit/(loss) to non-controlling interests N/A N/A 30 27
Power production (in GWh) 68 69 157 156

Scatec Solar explained that non-controlling interests only have shareholdings in solar power plants, while the Norwegian firm also carries the costs related to project development, construction, operation and maintenance.

Scatec Solar currently has 434 MW under construction and operates 322 MW of solar farms in the Czech Republic, South Africa, Rwanda, Honduras and Jordan. Financial close on a 40-MW project in Mozambique was reached in the first quarter.

The Norwegian firm’s goal for 2018 is to have between 1,300 MW and 1,500 MW of capacity in operation and under construction, on a consolidated basis.

"With 3.6 GW of project pipeline and opportunities, Scatec Solar has a solid basis for growth beyond 2018", said CEO Raymond Carlsen.

(NOK 1.0 = USD 0.127/EUR 0.104)

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