Oslo, 29 October 2021: Scatec’s third-quarter proportionate revenues were NOK 1,254 million (556) with EBITDA of NOK 767 million (319) and an associated EBITDA margin of 61%. Power production more than doubled from the same quarter last year and totalled 1,065 GWh (430) after the acquisition of SN Power, strong operational performance and grid connection of new solar plants.
Power Production revenues reached 1,130 million (457) and EBITDA 823 million (379). Development & Construction revenues continued to be limited, due to short-term construction delays for the 150 MW solar plant in Pakistan. Further, the timelines for the backlog projects have been adjusted, and expected financial close is moved into 2022.
“Scatec is well positioned for continued growth with a broad renewable offering, focus on high growth markets and a proven business model. We are maturing a large project pipeline in several renewable technologies and building on our multi-technology capabilities and experience in realising complex projects. The recent award for 270 MW solar in South Africa and the new partnership with Fertiglobe and the Sovereign fund of Egypt to develop a 50-100 MW green hydrogen facility in Egypt are testimonies of this”, says Raymond Carlsen, CEO of Scatec.
Scatec holds a project backlog of more than 1,9 GW in addition to a growing pipeline of 13,9 GW across several technologies.
In the first three quarters of 2021 proportionate revenues were NOK 3,365 million (2,347) with EBITDA of NOK 2,004 million (1,082).
Scatec’s third quarter consolidated revenues were NOK 1,059 million (724), with EBITDA of NOK 827 million (538). The consolidated net profit was NOK 169 million (-24).
For further details, please see the attached third quarter 2021 report and presentation.
A presentation of the results followed by a Q&A session will be held at Scatec’s headquarters at Skøyen Atrium III (1st floor), Askekroken 11, 0277 Oslo, today at 09:00 am CEST. You can also follow the the presentation and Q&A session from our website: www.scatec.com, or this direct link: Scatec webcast Q3 2021
Numbers in brackets are comparative figures from Q3 2020. EBITDA and other alternative performance measures (APMs) are defined and reconciled as a part of the APM section of the attached quarterly report on pages 38-41.
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