Third Quarter 2020: Increased Power Production And Growth In Project Pipeline

In third quarter 2020, Scatec Solar’s proportionate revenues was NOK 556 million (1,522) with EBITDA of NOK 319 million (433) and associated EBITDA margin of 57%. Power production reached 430 GWh, an increase of 46% from the same quarter last year.

Power Production is steadily increasing, delivering an EBITDA of NOK 379 million, up from NOK 291 million in third quarter 2019. Following completion of all main activities related to the current construction portfolio, third quarter revenues decreased significantly compared with the same quarter last year. The change in segment mix continues to result in a higher EBITDA margin for the Group.

“All of our plants continue to deliver stable power production and we experience high project development activity across most markets, despite COVID-19 restrictions. We are broadening our growth strategy with an ambition to become a global large-scale player in solar, hydro, wind and storage solutions, and the acquisition of SN Power announced today is an important part of this strategy”, says Raymond Carlsen, CEO of Scatec Solar.

Project pipeline increased by 900 MW to 6,520 MW in the third quarter, with new project additions in large growth markets – Brazil, Vietnam and India.

Scatec Solar’s third quarter consolidated revenues reached NOK 724 million (512), with EBITDA at NOK 538 million (418). The consolidated net profit was negative NOK 24 million. At the date of reporting, the Company had a total backlog and pipeline of 7.0 GW.