Revenues rise for Scatec Solar, as projects under construction surpass 1 GW

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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.

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.