Scatec Solar Reports Strong Q4 With 32% EBITDA Growth

Scatec Solar has delivered continued strong growth in the fourth quarter (Q4) 2019 with proportionate revenues of NOK 1,642 million

Scatec Solar has delivered continued strong growth in the fourth quarter (Q4) 2019 with proportionate revenues of NOK 1,642 million (1,666) (USD 181 million), and EBITDA of NOK 434 million (329). Power production reached 298 GWh on a 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 percent 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 the 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 deliver consistently over time combined with a positive market outlook, further strengthens Scatec Solar’s position as a leading player in emerging markets,” said Raymond Carlsen, CEO of Scatec Solar.

The company’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.

In December 2019, we had reported that Equinor had acquired 6,500,000 shares in Scatec Solar, corresponding to 5.2 percent of the shares and votes, at a total purchase price of NOK 754 million (USD 84 million).

The purchase price per share is NOK 116 which compares to the closing price on December 19, 2019, of NOK 110.5 and to Scatec Solar’s equity issuance price on 24 September of NOK 116. Following the transaction Equinor owns a total of 18,965,400 shares of Scatec Solar, raising its total shareholding to 15.2 percent of the shares and votes.