Scatec Solar Announces Fourth Quarter 2016 Results

Scatec Solar added 309MW to the project backlog this quarter with new projects in Malaysia, Brazil and Mozambique. With these additions the total backlog reached 731MW.

Consolidated revenues reached NOK 363 million, up from 267 million in the same period last year and up from NOK 281 million in the previous quarter. EBITDA reached NOK 294 million, up from NOK 215 million last year and up from NOK 222 million in the previous quarter. The increased revenues quarter on quarter reflect seasonally higher production in South Africa, partly offset by lower production in the other markets.

Power production reached 204GWh in the fourth quarter, up 35% from same quarter last year with grid connection of new plants in Jordan and USA, and down 8% from previous quarter due to seasonally lower production in USA and Jordan, partly offset by seasonally higher production in South Africa.

During the fourth quarter, Scatec Solar closed the sale of the Utah Red Hills plant with a net gain on consolidated basis of NOK 67 million and cash proceeds of NOK 230 million.

For the full year 2016 consolidated revenues reached NOK 1,085 million, up from 881 million in 2015 and EBITDA reached NOK 833 million, up from NOK 698 million last year.

“2016 has been another good year for Scatec Solar. We have delivered stable operations, grid connections of new solar plants and further developed our project pipeline and backlog. We continue to see attractive market opportunities globally and with a backlog of 731MW we are looking forward to busy times ahead”, says Scatec Solar’s CEO, Raymond Carlsen.

Scatec Solar develops, builds, owns and operates large scale solar power plants. Scatec Solar’s proportionate share of cash flow to equity across these business activities reached NOK 23 million in the fourth quarter 2016, compared to NOK 29 million in the previous quarter. For the year 2016 Scatec Solar’s proportionate share of cash flow to equity from Power Production and O&M reached NOK 172 million.

After the sale of the Utah Red Hills plant, Scatec Solar’s project portfolio stands at 322MW with a project backlog of 731MW and a project pipeline comprising projects with a combined capacity of 1,085MW.

Source: Scatec Solar