Scatec Solar triples production over last year

Norwegian-based independent power producer (IPP) Scatec Solar ASA has posted strong numbers with its second quarter 2019 results. The PV company’s proportionate quarterly revenues were NOK 1.65 Billion ($192.14 Million), increasing from the last year by 34%.  With operating profits (EBIT) reaching NOK 298 million ($34.74 Million), the quarterly results are up more than 31% from last year. The company claims this is its best quarter ever, and that says power production has nearly tripled from the same time last year.

Scatec Solar’s quarterly proportionate financial figures are strong, with NOK 142 Million ($16.56 Million) in profit, up from the second quarter of 2018’s 85 million ($9.91 Million). However, its consolidated profits came in at NOK 21 million ($2.45 Million), significantly lower than last years’ second quarter figures posted at NOK 102 million ($11.89 Million).

“The high activity continued in all regions with grid connection of 326 MW in Egypt and Malaysia and construction start for 247 MW in Ukraine. Our project backlog and pipeline exceed 5 GW, reflecting that we are strengthening our market position and expanding partnerships in key regions,” Raymond Carlsen, CEO of Scatec Solar, said in a statement.

Currently, the company has more than 1 GW of operational PV capacity, and 1.9 GW including projects that are under construction. Scatec Solar says that it is currently targeting a capacity of 3.5 GW to be under construction and operational by 2021. In the company’s market outlook, its stated plans are to develop 800 MW to 1.2 GW of capacity each year.