Oslo, April 22, 2016: Consolidated revenues reached NOK 228 million, in line with the same period last year and down from NOK 267 million the previous quarter. EBITDA reached NOK 165 million, down from NOK 178 million last year and NOK 215 million in the previous quarter.
Power production in the first quarter increased 20 percent from the previous quarter, to 182 GWh. The increase in production was a result of completion of the new 104 MW Utah plant in the US. This increase in production was partly offset by seasonally lower production in South Africa.
Revenues from existing plants South Africa were down quarter on quarter, reflecting 9 percent depreciation of ZAR and 8 percent lower production, as expected for the season. The new Utah plant is in full production, but earning merchant market revenues. The significantly higher 20-year PPA price will be effective from January 2017.
The financial results were affected by currency movements. ZAR/NOK depreciation reduced revenues, but had limited impact on net profit and cash flow. USD/NOK depreciation reduced the value of intercompany loans generating a non-cash currency loss of NOK 34 million.
“Production volumes increased as new solar plants are being grid connected. In the first quarter we continued to invest in plants under construction and in further development of the project backlog and pipeline”, says Scatec Solar’s CEO, Raymond Carlsen.
The 10 MW Oryx plant in Jordan reached mechanical completion with expected Commercial Operation Date in May 2016.
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 22 million in the first quarter 2016, compared to NOK 42 million in the same period last year and NOK 58 million in the previous quarter.
The current project backlog stands at 422 MW, project pipeline comprises several projects with a combined capacity of 1,056 MW, while the project opportunities now hold a combined capacity of 2,426 MW across Americas, Africa and MENA.
For more details, please see attached the first 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 383 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and the United States. Construction of additional 43 MW solar power plants in Jordan is under way.
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