Scatec Solar saw proportionate revenue of NOK 1,229 million (US$150.2 million) for the second quarter of 2018, and an EBIT of NOK 226 million ($32.5 million). The figures represent a significant increase for the Norway based solar developer – its revenue for the same period in 2017 stood at NOK 167 million ($20.4 million).
The company attributes the strong performance to a “significant step change” in its construction activities, pointing out that it now has 1,092 MW of new solar projects under construction, increased from 322 MW in the previous quarter, as well as a 338 MW backlog – defined as “projects assessed to have more than 90% likelihood of reaching financial close and subsequent realization.”
The development and construction segment brought in the bulk of Scatec’s Q2 revenue, at NOK 1,045 million ($127.7 million), and included the securing of a 50% 117 MW project in Argentina, 130 MW in Ukraine, for which it is seeking other equity partners, and a 42% stake in a 258 MW in South Africa. The company states that its target is now to have 3.5 GW in operation, or under construction, by 2021.
Popular content
The company’s operations & maintenance segment also received a revenue boost of around NOK 8 million, thanks to previously unrecorded revenue for two plants operating in Jordan, and favorable weather conditions that resulted in strong performance from its operational projects in South Africa.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.