Scatec Solar records strong profits
Scatec Solar ASA saw strong increase in revenues and profits in the third quarter 2014, driven by grid connection of three solar power plants.
Scatec Solar ASA reported consolidated revenues of NOK 130 million in the third quarter up from NOK 93 million in the previous quarter and NOK 31 million in the same period last year. Consolidated EBITDA reached NOK 79 million up 52 percent from the previous quarter. Consolidated net profit adjusted for IPO costs and share based payments ended at NOK 21 million of which NOK 8 million net to Scatec Solar. Revenues and profits are generated from sale of electricity from solar power plants held by the company in South Africa, Czech Republic and Rwanda.
Following recent addition of a 59 MW project in Honduras, Scatec Solar now holds a project backlog of 214 MW, up by 92 MW from the previous quarter. In addition, a project pipeline of nearly 700 MW is under development.
"I am very pleased to see successful completion of the Linde, Druenberg and ASYV solar power plants over the last few months. Together with our existing assets, these plants will generate solid cashflows over the next 20 years. We are also on track to close financing for several new projects Jordan, the US and Honduras. With construction of these power plants we will double gross installed capacity to 433 MW by the end of 2015" says CEO Raymond Carlsen in Scatec Solar ASA
