Scatec Solar announce stong increase in power production in 2014
Scatec Solar ASA has reported a strong increase in revenues and EBITDA in the fourth quarter 2014. Production increased 54 % compared to the previous quarter after the 75 MW Dreunberg plant reached full production at the end of November 2014.
Scatec Solar reported consolidated revenues of NOK 196 million in the fourth quarter up from NOK 130 million in the previous quarter and NOK 55 million in the same period last year. Consolidated EBITDA reached NOK 133 million, up from NOK 79 million in the previous quarter and 7 million in the same period last year. Consolidated net profit adjusted for IPO costs ended at NOK 13 million of which NOK -3 million net to Scatec Solar.
Scatec Solar develops, builds, owns and operates solar power plants. Scatec Solar's proportionate share of cash flow to equity across these business activities reached NOK 44 million in the fourth quarter and NOK 240 million for the full year 2014.
In the fourth quarter 2014, financing was secured for three projects in the US, Honduras and Jordan, totalling 207 MW. During the quarter, financial close was reached for the 104 MW Utah project, generating total development revenues of NOK 103 million, of which NOK 20 million impacted consolidated revenues.
For the full year 2014, Scatec Solar reported consolidated revenues of NOK 476 million up from NOK 129 million in 2013. Consolidated EBITDA reached NOK 293 million up from negative 17 million in 2013. Consolidated adjusted net profit amounted to NOK 70 million of which NOK 4 million net to Scatec Solar.
Construction of 207 MW of new solar power plants has commenced or will commence in the first quarter 2015. Scatec Solar holds another 8.5 MW in project backlog in addition to a project pipeline of 660 MW under development across the Americas, MENA and Africa.
"2014 has been another busy year for Scatec Solar. It is very satisfying to see that we continue to deliver strong growth and that we move our projects from the backlog into construction. We are building a solid portfolio of solar power plants that will deliver clean and reliable electricity in many years to come. At the same time we are, together with our partners, continuing to develop new projects in several promising solar markets." says CEO Raymond Carlsen in Scatec Solar ASA.
