Oslo, July 22, 2016: Consolidated revenues reached NOK 213 million, up from 205 million in the same period last year and down from NOK 228 million in the previous quarter. EBITDA reached NOK 153 million, up from NOK 146 million last year and down from NOK 165 million in the previous quarter.
Power production reached 183 GWh, broadly in line with the previous quarter and up 104% year on year. The 10 MW Oryx plant in Jordan reached COD in June, while the 11 MW GLAE plant in Jordan reached COD in July 2016. Seasonally lower production in South Africa in the quarter was offset by higher production in the US and the Czech Republic.
The new Utah plant continues to earn merchant market revenues and the significantly higher 20-year PPA price will be effective from January 2017.
Net income reached NOK 6 million down from 21 million last year and up from a loss of NOK 23 million in the previous quarter.
“In the second quarter we are delivering another set of solid financial results, and we are placing new solar plants in commercial operation. The market outlook is positive and we continue to invest in our project backlog and pipeline. While we see some shifts in short term timelines on realization of new capacity our long term growth targets remain intact.” says Scatec Solar’s CEO, Raymond Carlsen.
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 31 million in the second quarter 2016, compared to NOK 71 million in the same period last year and NOK 22 million in the previous quarter.
The current project backlog stands at 422 MW, project pipeline comprises several projects with a combined capacity of 1,156 MW, while the project opportunities now hold a combined capacity of 2,352 MW across Americas, Africa, Asia and Middle East.
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.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.
The company is producing electricity from 404 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and the United States. Construction of additional 22 MW in Jordan is under completion.
With an established global presence, the company is growing strongly 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