Oslo, May 6, 2015: Scatec Solar ASA reports continued increase in revenues and EBITDA in the first quarter 2015.
Scatec Solar reported consolidated revenues of NOK 225 million in the first quarter up from NOK 196 million in the previous quarter and NOK 57 million in the same period last year. Consolidated EBITDA reached NOK 178 million, up from NOK 133 million in the previous quarter and 29 million in the first quarter last year. Consolidated net profit ended at NOK 47 million of which NOK 19 million net to Scatec Solar.
Scatec Solar develops, builds, owns and operates solar power plants. Scatec Solar’s proportionate share of cash flow to equity across these business activities reached NOK 42 million in the first quarter 2015.
In April 2015, the Department of Energy of South Africa awarded Scatec Solar three solar power plant projects with a combined capacity of 258 MW in the fourth round of the “Renewable Energy IPP Procurement Programme”. The plants will be located in Upington in the Northern Cape region and construction is expected to start in early 2017.
Construction of new solar power plants in the USA, Honduras and Jordan is currently well under way, and with the recent win in South Africa, Scatec Solar now holds 266 MW in project backlog. The company has furthermore a project pipeline of 468 MW and additional project opportunities of 1.7 GW under development in Africa, Middle East, Americas and Asia.
“We report solid results for the first quarter 2015 with steady increase in cash generation from our asset portfolio. The project awards in South Africa confirms our position as the leading solar IPP in Africa and creates a solid platform for continued growth of our assets across key markets in the years to come” says CEO Raymond Carlsen in Scatec Solar ASA.
For more details, please see attached the first quarter report and presentation.
A presentation of the results will be held today at 08.00 at Thon Hotel Vika Atrium, Munkedamsveien 45, 0250 Oslo. The presentation and Q&A session can also be followed through a live webcast from our website www.scatec.com/investor.
For further information, please contact:
Mr. Raymond Carlsen, CEO, tel: +47 454 11 280 raymond.carlsen@scatec.com
Mr. Mikkel Tørud, CFO, tel: +47 976 99 144 mikkel.torud@scatec.com
About Scatec Solar
Scatec Solar is an integrated independent power producer, aiming to make solar a sustainable and affordable source of energy worldwide. Scatec Solar develops, builds, owns and operates solar power plants and delivers power from 219 MW in the Czech Republic, South Africa and Rwanda. The company is in strong growth and has 207 MW under construction in the US, Honduras and Jordan as well as a solid pipeline of projects under development in Africa, Middle East, Americas and Asia.
For more on Scatec Solar, please visit www.scatec.com.