Oslo, 6 April 2020: As announced in connection with the fourth quarter 2019 financial report, Scatec Solar has reorganised its segment reporting structure from 1 January 2020. The group’s Operations & Maintenance services and Asset Management services are now being reported combined in the new segment Services. Earlier, these services were reported in the Operations & Maintenance segment and as part of the Power Production segment respectively. Revenues in the Services segment are expected to reach approximately NOK 230 million in 2020 with an EBITDA margin of around 30%. The segment financials for 2019 have been restated with the new segment reporting structure, which is attached and also available on the Company’s website.
Segment overview
Development & Construction
The Development & Construction segment derives its revenues from the sale of development rights and construction services delivered to power plant companies where Scatec Solar has economic interests.
Power Production
The plants produce electricity for sale under long term power purchase agreements (PPAs), with state owned utilities or corporate off-takers, or under government-based feed-in tariff schemes. The average remaining PPA duration for power plants in operation is 20 years.
Services
The Services segment comprises Operations & Maintenance (O&M) and Asset Management services provided to solar power plants where Scatec Solar has economic interests. O&M revenues are generated on the basis of fixed service fees with additional profit-sharing arrangements. Asset management services typically include financial reporting to sponsors and lenders, regulatory compliance, environmental and social management, as well as contract management on behalf of the power plant companies.
Corporate
Corporate consists of activities of corporate services, management and group finance.
As announced last week, Scatec Solar will publish its first quarter 2020 results on Friday 8 May 2020.
For further information, please contact:
Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatec.com
Ingrid Aarsnes, Communication & IR, tel: +47 950 38 364, ingrid.aarsnes@scatec.com
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1.5 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’. To learn more, visit www.scatec.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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