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Scatec Shows Strong Financial Performance Driven By The Philippines In The Third Quarter Of 2022

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In the third quarter of 2022, Scatec’s proportionate revenues increased by 52% to NOK 1,818 million (1,196) with an all-time high EBITDA of NOK 850 million (767). Power production rose to 1,135 GWh (1,065).

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Scatec reports proportional revenues just increased by NOK 239 million to NOK 1,311 million when compared to the same period last year in the Power Production segment, owing to considerably higher power sales at higher power prices in the Philippines and foreign currency effects.

Power production in the Philippines finished 37% higher than the 5-year average and higher than the contracted sales volume. Excess production volumes were sold at high prices in the power market, resulting in an EBITDA of NOK 907 million.

The pipeline and backlog for renewable energy projects total 16 GW, with 80% held in the focus markets.

The full-year 2022 EBITDA guidance for proportionate Power Production has been increased to NOK 2.75-2.85 billion from NOK 2.5-2.7 billion which reflects third-quarter results, an anticipated above-normal fourth-quarter performance in the Philippines, and currency exchange rate advancement.

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Scatec’s consolidated revenues in the third quarter were NOK 1,163 million (1,059), with an EBITDA of NOK 886 million (827), primarily due to higher net income from joint ventures and associated companies driven by the Philippines.

“We reported strong results from our diversified portfolio of power plants driven by the solid performance in the Philippines. We had an all-time high EBITDA during the third quarter and our construction activities in South Africa, Brazil, and Pakistan are progressing well. We continue to focus on delivering on our strategy and see stable performance of our operating asset portfolio,” says Scatec CEO Terje Pilskog.

“This is a critical time for renewable energy companies. We have an important role to play in helping the world achieve its climate targets. Reducing greenhouse gas emissions to our atmosphere will require investment, innovation, technology, and a massive cultural shift. We believe that emerging markets are essential in this journey, and we have the know-how and expertise to continue capturing value and growth opportunities,” concludes Pilskog.

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