First quarter 2018 results - delivering on the 1.5 GW target set for end 2018
Oslo, April 20, 2018: Scatec Solar ASA reported first quarter proportionate revenues of NOK 573 million (NOK 144 million in first quarter 2017), and EBITDA reached NOK 109 million (87).
The increase in proportionate revenues and EBITDA is driven by higher Development & Construction (D&C) activities compared to last year. Construction continues in Malaysia, Brazil and Honduras and construction has just commenced in Mozambique. This high level of activity lead to D&C revenues of NOK 417 million (0) and EBITDA of NOK 15 million (-15) in the quarter.
Scatec Solar's first quarter consolidated revenues reached NOK 289 million (276), and EBITDA reached NOK 212 million (222).
Financial close was reached for 40 MW in Mozambique in March and 258 MW in South Africa in April 2018. Development & Construction revenues are set to increase significantly over the coming quarters with contract awards of NOK 8.5 billion to realize 1.1 GW of new solar power plants.
"We are pleased to confirm that we are reaching our 2018 growth target. In addition we have added 150 MW in Ukraine and 25 MW in Cameroon to our project pipeline. With 3.6 GW of project pipeline and opportunities, Scatec Solar has a solid basis for growth beyond 2018", says CEO Raymond Carlsen.
For further details, please see attached the first quarter report and presentation.
A presentation of the results will be held today at 08.00 (CET) 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 firstname.lastname@example.org
Mr. Mikkel Tørud, CFO, tel: +47 976 99 144 email@example.com
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long-term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of 1000 MW.
The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 1,183 MW are under construction and in backlog.
With an established global presence, the company has project pipeline and opportunities of 3.6 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
Q1 2018 Report
Q1 2018 Presentation