Scatec Solar reports satisfying Q4 financial results

Norway’s Scatec Solar has posted a strong set of financial results for the fourth quarter of 2014 thanks largely to a growing PV portfolio and pipeline, with the company upping its power production by 54% in the final three months of last year.

Consolidated revenues for the final quarter hit NOK 196 million ($25.76 million), which was a notable quarter-on-quarter increase from Q3’s NOK 130 million ($17.1 million) and a sizeable improvement year-on-year, when 2013’s Q4 revenues came in at just NOK 55 million ($7.2 million).

Adjusted for EBITDA, Q4 achieved revenues of NOK 133 million ($17.48 million), which again was a noteworthy quarter-on-quarter increase from Q3 2014, when consolidated EBITDA earnings reached NOK 79 million ($10.4 million).

Over the course of 2014, consolidated revenues dramatically outstripped those achieved in 2013, reaching NOK 476 million ($62.5 million) last year as opposed to a mere NOK 129 in 2013 ($16.9 million).

The company was able to boost its solar generation capacity by 54% over the course of the quarter, thanks to the completion and connection of its 75 MW Dreunberg PV plant in November.

Looking ahead, Scatec Solar confirmed it had 207 MW of solar PV projects in the immediate pipeline, with finance secured to develop them in the U.S., Japan and Honduras. Construction is scheduled to commence in the first quarter of 2015, while a log-jammed 8.5 MW project and a further pipeline of 660 MW under development across the Americas, MENA and Africa will underline Scatec Solar’s growing confidence for the year.

"2014 has been another busy year for Scatec Solar," said CEO Raymond Carlsen. “It is very satisfying to see that we continue to deliver strong growth and that we move our projects from the backlog into construction.

"We are building a solid portfolio of solar power plants that will deliver clean and reliable electricity in many years to come. At the same time, we are, together with our partners, continuing to develop new projects in several promising solar markets."

Last month, Scatec Solar signed a lucrative $157 million deal to construct a 104 MW solar PV plant in Utah, U.S., called Red Hills.