Second quarter results - ready to harvest project backlog
Oslo, July 21, 2017: Scatec Solar's second quarter consolidated revenues reached NOK 279 million, up from 213 million in the same period last year. Consolidated EBITDA reached NOK 217 million, up from NOK 153 million last year. The year on year increase in revenues and EBITDA is mainly explained by better solar irradiation, additional revenues from the new plants in Jordan and a strengthening of ZAR/NOK of 17%.
Scatec Solar's proportionate share of revenues reached NOK 165 million, down from 437 million in the same period last year. The proportionate EBITDA reached NOK 100 million in line with the same period last year. Cash flow to equity across all business activities reached NOK 20 million in the second quarter, compared to NOK 31 million in the same period last year.
Power production reached 147 GWh in the second quarter, up 24% from same quarter last year, excluding divestments, and down 6% from previous quarter due to seasonally lower production in South Africa.
"We have made significant progress on the 1,143 MW project backlog over the last few months and several projects are approaching financial close. With these projects, we are set to strengthen our position as a leading emerging market focused IPP. With technology innovation and cost reductions in the industry we are exploring additional partnerships and new business models that will allow us to add to our growth opportunities ", says Scatec Solar's CEO, Raymond Carlsen.
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 Høyres Hus, Stortingsgata 20, 0161 Oslo. The presentation and Q&A session can also be followed through a live webcast from our website www.scatecsolar.com/investor.
For further information, please contact:
Mr. Raymond Carlsen, CEO, tel: +47 454 11 280 email@example.com
Mr. Mikkel Tørud, CFO, tel: +47 976 99 144 firstname.lastname@example.org
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 600 MW.
The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan. With an established global presence, the company is growing briskly with a project backlog and pipeline of 1.8 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.scatecsolar.com
Q2 2017 Report
Q2 2017 Presentation