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Scatec Solar delivered continued strong growth in fourth quarter 2019 with proportionate revenues of NOK 1,642 million (1,666), and EBITDA of NOK 434 million (329). Power production reached 298 GWh on proportionate basis, up almost threefold from the same period last year, adding to existing predictable and long-term cash flows.
The revenues were in line with the same quarter last year, while EBITDA increased by 32% in the same period. The increase in EBITDA is mainly driven by new solar plants starting commercial operations over the last few quarters, resulting in significantly higher contributions from the Power Production segment of NOK 309 million (139).
“In fourth quarter, the high activity continued, including winning our first solar projects in Tunisia of 360 MW and completing our largest project ever, the 390 MW Benban project in Egypt. In 2019, we doubled installed capacity to 1.2 GW and expanded the project pipeline and backlog to 5.8 GW. Our ability to delivery consistently over time combined with a positive market outlook, further strengthens Scatec Solar’s position as a leading player in emerging markets”, says Raymond Carlsen, CEO of Scatec Solar
Scatec Solar’s fourth quarter consolidated revenues reached NOK 568 million (344), and EBITDA was NOK 436 million (257).
For the full year 2019, Scatec Solar’s proportionate revenues and EBITDA reached its highest ever at NOK 6.3 billion (4.7) and NOK 1,571 million (961) respectively. Cash flow to Scatec Solar’s equity across all business segments increased to NOK 794 million in 2019, compared to NOK 481 million in 2018.
The Board of Directors has proposed 2019 dividends of NOK 1.05 per share – to be approved by the Annual General Meeting to be held 28 April 2020.