Second quarter 2018 results - ramping up construction and increasing backlog and pipeline
July 20 2018 - 1:00AM
Oslo, July 20, 2018: Scatec Solar
ASA reported second quarter proportionate revenues of NOK 1,299
million (NOK 167 million in second quarter 2017), and EBITDA
reached NOK 266 million (100).
The increase in proportionate
revenues and EBITDA is reflecting a significant step up in
construction activities compared to last year. Construction
continues for 1.1 GW of solar power plants in Malaysia, Brazil,
Honduras, Mozambique and construction activities have just
commenced in Egypt and South Africa. The high level of activity
lead to D&C revenues of NOK 1,045 million (0) and EBITDA of NOK
140 million (-18) in the quarter. Gross NOK 600 million of equity
was raised in June to fund further growth of the company.
"We are very pleased to report
significant increase in construction activities and solid financial
results in the quarter. We have secured 117 MW in Argentina and 130
MW in Ukraine in the quarter and total project backlog and pipeline
increased to 4.5 GW. We continue to see attractive market
opportunities with a target of reaching a capacity of 3.5 GW by end
of 2021", says CEO Raymond Carlsen.
Scatec Solar's second quarter
consolidated revenues reached NOK 286 million (279), and EBITDA
reached NOK 212 million (217).
For further details, please see
attached the second quarter report and presentation.
A presentation of the results will
be held today at 08.00 (CET) at Høyres Hus, Stortingsgata 20, 0161
Oslo. The presentation and Q&A session can also be followed
through a live webcast from our website
www.scatecsolar.com/investor.
For further information, please
contact:
Mr. Raymond Carlsen,
CEO, tel: +47
454 11
280
raymond.carlsen@scatecsolar.com
Mr. Mikkel Tørud,
CFO,
tel: +47 976 99 144
mikkel.torud@scatecsolar.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 1,000 MW. The
company is producing electricity from 322 MW of solar power plants
in the Czech Republic, South Africa, Rwanda, Honduras and Jordan
and has 1,092 MW under construction.
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'. To
learn more, visit www.scatecsolar.com
Q2 2018 Presentation
Q2 2018 Report
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Scatec Solar ASA via Globenewswire
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