Third quarter 2019: Solid financial results and increased growth target to 4.5 GW

Oslo, 18 October 2019: Scatec Solar delivered solid results in third quarter 2019 with proportionate revenues of NOK 1,522 million (1,259) and EBITDA of NOK 433 million (257), an increase of 68% year on year. The strong growth in Power Production continued with three new solar power plants starting operation as planned, delivering production of 295 GWh (73 GWh) on proportionate basis.

The increased revenues and EBITDA compared to the same period last year reflects strong growth in power production and continued high construction activity. Power Production revenues reached NOK 357 million (155) and EBITDA NOK 296 million (127). The Development & Construction segment reported revenues of NOK 1,121 million (1,077) and EBITDA of NOK 133 million (130).

“We have closed another eventful quarter with continued growth and high activity in all regions. Driven by a strong solar market and a large pipeline of high quality projects, we have increased our growth target for end 2021 from 3.5 GW to 4.5 GW. To further fund growth, we successfully raised equity of gross NOK 1,320 million “, says Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar’s third quarter consolidated revenues were NOK 512 million (294), and EBITDA (earnings before interest, tax, depreciation, amortisation and impairments) reached NOK 418 million (221).

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

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

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 1.3 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 4.5 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