Scatec Solar ASA: Third quarter results – strong growth in power production

Oslo, November 6, 2014: Strong increase in revenues and profits for Scatec Solar ASA in the third quarter 2014, driven by grid connection of three solar power plants.

Scatec Solar ASA reported consolidated revenues of NOK 130 million in the third quarter up from NOK 93 million in the previous quarter and NOK 31 million in the same period last year. Consolidated EBITDA reached NOK 79 million up 52 percent from the previous quarter. Consolidated net profit adjusted for IPO costs and share based payments ended at NOK 21 million of which NOK 8 million net to Scatec Solar. Revenues and profits are generated from sale of electricity from solar power plants held by the company in South Africa, Czech Republic and Rwanda.

Following recent addition of a 59 MW project in Honduras, Scatec Solar now holds a project backlog of 214 MW, up by 92 MW from the previous quarter. In addition, a project pipeline of nearly 700 MW is under development.

“I am very pleased to see successful completion of the Linde, Druenberg and ASYV solar power plants over the last few months. Together with our existing assets, these plants will generate solid cashflows over the next 20 years. We are also on track to close financing for several new projects Jordan, the US and Honduras. With construction of these power plants we will double gross installed capacity to 433 MW by the end of 2015” says CEO Raymond Carlsen in Scatec Solar ASA.

For more details, please see attached third quarter report and presentation

A presentation of the results will be held today at 08.00 at Thon Hotel Vika Atrium, Munkedamsveien 45, 0250 Oslo. The presentation and Q&A session can also be followed through a live webcast from our website

For further information, please contact:

Mr. Raymond Carlsen, CEO,          tel: +47 454 11 280 

Mr. Mikkel Tørud, CFO,                  tel: +47 976 99 144  

About Scatec Solar

Scatec Solar is an integrated independent power producer, aiming to make solar a sustainable and affordable source of energy worldwide. Scatec Solar develops, builds, owns and operates solar power plants, and will in 2014 deliver power from 220 MW in the Czech Republic, South Africa and Rwanda. The company is in strong growth and has a solid pipeline of projects under development in Africa, North America, Asia, Middle East and Europe. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’.

For more on Scatec Solar, please visit our home page