Revenues rise for Scatec Solar amid increased construction activity

Scatec Solar posted a consolidated revenue of NOK 289 million for the first quarter of 2018, increasing from the previous quarter’s NOK 281 million ($36 million), and Q1 2017’s NOK 276 million. The company’s consolidated EBIT held steady at NOK 150 million against NOK 148 million for Q4 2017, and NOK 160 million for Q1 2017.

In proportionate financials, calculated by Scatec Solar to include revenue and profits based on its interest in its subsidiaries, the company posted increased revenue to NOK 572 million ($73.3 million), over the previous quarter’s NOK 444 million ($57 million).

Scatec’s proportionate EBIT also in increased to NOK 71 million ($9 million), from NOK 66 million in the previous quarter and NOK 47 million in Q1 2017.

The company pointed to an increase in its development and construction activities as the driver for the increased revenues, and notes that it expects further increases in this area throughout 2018, with contracts worth NOK 8.5 billion ($1 billion) having been awarded for 1.1 GW of new solar power plants.

Scatec Solar also pointed out that it has reached financial close on a 258 MW PV plant in South Africa, and a 40 MW project in Mozambique, which it says allows it to confirm its 2018 forecast of 1.3 – 1.5 GW of projects either in operation or under construction by the end of the year.

The group currently has 322 MW of PV projects in operation, with a further 434 MW under construction, and a backlog of 749 MW. The company’s pipeline (defined as projects assessed to have better than 50% chance of realization) stands at 920 MW of projects spread across several global regions.