Oslo, July 29, 2015: Scatec Solar added gross 747 MW to the project pipeline this quarter. The projects are located in Pakistan, Egypt, Kenya and South Africa and total pipeline is by these additions 1,172 MW.
Consolidated revenues reached NOK 205 million, up from NOK 93 million in the same period last year and down from NOK 225 million in the previous quarter. Consolidated EBITDA reached NOK 146 million up from NOK 52 million last year while the previous quarter was NOK 178 million. Due to the winter season in South Africa it was expected that both revenues and EBITDA would decrease compared to the previous quarter.
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 71 million in the second quarter 2015, up from NOK 42 million in the previous quarter.
Construction of 207 MW of new solar power plants in the USA, Honduras and Jordan is well under way. The 60 MW Agua Fria plant in Honduras has reached mechanical completion, and production is expected to commence in the third quarter 2015.
With the recent agreement for a 33 MW project in Mali, Scatec Solar now holds 299 MW in project backlog. The company has furthermore increased its project pipeline to 1,172 MW and additional project opportunities of 1,200 MW are under development in Africa, Middle East, Americas and Asia.
“We report solid results for the second quarter 2015 with construction activities driving a significant increase in cash generation. The current project backlog and pipeline represents a robust platform for increased growth in 2016 and beyond,” says CEO Raymond Carlsen in Scatec Solar ASA.
For more details, please see attached the second 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.