Markets & Policy

Scatec Solar triples production over last year

The IPP released its latest financial figures and leadership says that with growth across all business units, Q2 2019 is its best quarter ever.
Erica Johnson
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Erica Johnson
Scatec Solar’s 66 MW Merchang plant in Malaysia | Image: Scatec Solar

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.

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  • Erica Johnson
    Erica Johnson
    Erica joined the pv magazine team in April 2019 as managing editor. In addition to leading the global editorial team alongside Jonathan and Becky, she focuses on solar+storage content, and manages the special publications business. She has more than a decade of experience working in the PV industry, supporting the energy transition across the public, […]
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» Scatec reaches commercial operation for another 112 MW of capacity – pv magazine Internationalsolarequipmentinstaller.com
Aug 31, 2019

[…] generation capacity this month after finishing new sites in Ukraine and Egypt. The company now has 1,128 MW of project capacity in operation and another 776 MW under construction on four […]

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