Oslo, October 25, 2016: Consolidated revenues reached NOK 281 million, up from 202 million in the same period last year and up from NOK 213 million in the previous quarter. EBITDA reached NOK 222 million, up from NOK 159 million last year and up from NOK 153 million in the previous quarter.
Power production reached an historical high this quarter with 222 GWh, up from 183 GWh previous quarter and more than a doubling year on year. Seasonally higher production in South Africa and production from new plants in Jordan led to the higher production quarter on quarter. New 33 MW in Jordan reached commercial operation in the quarter, increasing total operating capacity to 426 MW.
"We report solid results for the third quarter 2016 mainly driven by revenue growth from production of new plants in Jordan and seasonally higher production in South Africa. We continue to work systematically towards financial close of our backlog projects and secure off take agreements for projects in pipeline", says Scatec Solar's CEO, Raymond Carlsen.
Scatec Solar develops, builds, owns and operates large scale solar power plants. Scatec Solar's proportionate share of cash flow to equity across these business activities reached NOK 29 million in the third quarter 2016, compared to NOK 37 million in the same period last year and NOK 31 million in the previous quarter.
During the third quarter, Scatec Solar entered into an agreement to sell the Utah Red Hills plant with expected gross proceeds of NOK 230 million.
The current project backlog stands at 422 MW, while project pipeline comprises projects with a combined capacity of 1,126 MW, while the project opportunities now hold a combined capacity of 2,358 MW across Americas, Africa, Asia and Middle East.
For more details, please see attached the third quarter report and presentation.
A presentation of the results will be held today at 08.00 at Høyres Hus, Stortingsgata 20, 0161 Oslo. The presentation and Q&A session can also be followed through a live webcast from our website www.scatecsolar.com/investor .
For further information, please contact :
Mr. Raymond Carlsen, CEO, tel: +47 454 11 280 email@example.com
Mr. Mikkel Tørud, CFO, tel: +47 976 99 144 firstname.lastname@example.org
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.
The company is producing electricity from 426 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras, Jordan and the United States.
With an established global presence, the company is growing briskly with a project backlog and pipeline of close to 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.
To learn more, visit www.scatecsolar.com