Second quarter 2019: Record results – project backlog and pipeline exceeding 5 GW

Oslo, 19 July 2019: Scatec Solar delivered record results in second quarter 2019 with proportionate revenues of NOK 1,648 million (1,229) and EBITDA of NOK 388 million (266), an increase of 46% year on year. Power Production reached 198 GWh on proportionate basis, almost tripling production compared to the same period last year.

Second quarter revenues and EBITDA continued to grow compared to the same quarter last year. This reflects continued high activity in the Development & Construction segment with revenues of NOK 1,339 million (1,045), EBITDA of NOK 165 million (140) and a gross margin of 14%. In the Power Production segment, installed capacity was 911 MW at the end of second quarter, delivering EBITDA of NOK 221 million.

“We deliver our best quarter ever with growth across all business segments. The high activity continued in all regions with grid connection of 326 MW in Egypt and Malaysia and construction start for 247 MW in Ukraine. Our project backlog and pipeline exceed 5 GW, reflecting that we are strengthening our market position and expanding partnerships in key regions“, says Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar’s second quarter consolidated revenues were NOK 376 million (286), and EBITDA (earnings before interest, tax, depreciation, amortisation and impairments) reached NOK 290 million (212).

For further details, please see the attached second quarter report and presentation.

A presentation of the results will be held today at 08.00 am CET at Høyres Hus, Stortingsgata 20, Oslo. The presentation and Q&A session can also be followed from a live webcast:

Scatec Solar will host a Capital Markets Update in Oslo 18 September; further details will be published in August.

For further information, please contact:
Mikkel Tørud, CFO
Tel: +47 976 99 144

Ingrid Aarsnes, VP Communication & IR
Tel: +47 950 38 364

About Scatec Solar
Scatec Solar is a leading integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns and operates solar power plants and has an installation track record of more than 1 GW. The company has a total of 1.9 GW in operation and under construction on four continents. 

With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act