Scatec Solar posts high Q3 profit

October 18 (Renewables Now) – Oslo-based solar power producer Scatec Solar ASA (OSL:SSO) today reported a profit of NOK 320 million (USD 35m/EUR 31.3m) for the third quarter of 2019, on a proportionate basis, up by 125% quarter-on-quarter and by 191% year-on-year.

Proportionate revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) grew in the quarter, thanks to increased power generation and continued high construction activity. Proportionate power generation reached 295 GWh and is expected to go even higher in the fourth quarter to 295 GWh-310 GWh. This compares to an output of 198 GWh in the second quarter of 2019 and 73 GWh in the third quarter of 2018.

The table contains more details on Scatec’s performance.

Results in NOK million Q3 2019 Q3 2018 9-mo 2019 9-mo 2018
PROPORTIONATE FINANCIALS        
Revenue and other income 1,522 1,259 4,699 3,060
– of which power generation 357 155 837 442
– of which development and construction 1,121 1,077 3,757 2,539
EBITDA 433 257 1,136 632
EBIT 317 200 848 497
Profit 320 110 585 195
CONSOLIDATED FINANCIALS        
Revenues and other income 512 294 1,214 869
EBITDA 418 221 949 645
EBIT 270 143 603 442
Profit 66 36 99 150

During the third quarter, the company put online 217 MW of capacity in Egypt, Ukraine and Mozambique. It now has almost 1.2 GW of power capacity, with an economic interest of 59%. In addition, over 700 MW of solar parks are under construction and there are 370 MW of projects in backlog.

As has already been reported, Scatec Solar has revised upwards its portfolio growth target by 1 GW and now aims at 4.5 GW of solar power plants in operation and under construction by the end of 2021.

(NOK 10 = USD 1.09/EUR 0.98)

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