Oslo, October 28, 2015: Consolidated revenues reached NOK 204 million, up from NOK 130 million in the same period last year and in line with the previous quarter. Consolidated EBITDA reached NOK 159 million, up from NOK 79 million last year and compared to NOK 146 million in the previous quarter. Power production was lower than forecasted in South Africa, due to significantly lower irradiation than expected based on historical weather data.
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 37 million in the third quarter 2015, up from NOK 30 million in the same period last year and down from NOK 71 million in the previous quarter.
The 60 MW Agua Fria plant in Honduras was grid connected in the third quarter and operating asset base reached gross 279 MW, all with 20-25 year fixed priced power purchase agreements.
Scatec Solar now holds 344 MW in project backlog after securing the 53 MW Los Prados project in Honduras and the sale of an 8 MW project on Hawaii. The company has made good progress on development of projects in pipeline. The project pipeline now stands at 1,287 MW (up 115 MW from last quarter) and additional project opportunities of 2,300 MW (up 1,100 MW from last quarter) are under development in Africa, Middle East, Americas and Asia.
“We have experienced an unusually bad winter in South Africa over the last few months, but despite lower production, we continue to perform well in the third quarter. We see a solid market outlook, and we are strengthening our project pipeline and continue to convert MW’s into backlog and further into realization,” says CEO Raymond Carlsen in Scatec Solar ASA.
For more details, please see attached the third quarter report and presentation.
A presentation of the results will be held today at 08.00 at Høyres Hus, Stortingsgata 20, 0161 Oslo (new location). 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 solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.
Currently, the company is producing electricity from 279 MW of solar power plants in the Czech Republic, South Africa, Rwanda and Honduras. Construction of additional 147 MW solar power plants in the USA and Jordan is under way.
With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’
To learn more, visit www.scatec.com