Oslo, 8 May 2020: Scatec Solar’s first quarter 2020 proportionate revenues was NOK 866 million (1,528) with an EBITDA of NOK 346 million (315) and associated EBITDA margin of 40%. The Power Production segment delivered 349 GWh on proportionate basis, an increase of 162% from the same quarter last year.
First quarter revenues decreased compared with the same quarter last year due to lower construction activity only partly offset by higher power production. The EBITDA increased by 10% in the same period, driven by new solar power plants starting commercial operation over the last quarters, doubling EBITDA in the Power Production segment to NOK 331 million (164). This change in segment mix impacted the EBITDA margin positively and resulted in a higher overall margin than in previous periods.
“We have so far not experienced any impact of COVID-19 on our operating assets; however, some deferred commissioning of new solar plants and slower project development activities are becoming evident. We recently strengthened our financial platform at attractive terms, and we continue our close partnerships with development banks. Our strategic priorities remain firm and we see attractive project opportunities in our target markets”, says Raymond Carlsen, CEO of Scatec Solar.
Scatec Solar’s first quarter consolidated revenues reached NOK 625 million (327), and EBITDA was NOK 503 million (242). At the date of reporting, the Company had a total backlog and pipeline of 5.8 GW.
EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the attached quarterly report on pages 30-33.
For further details, please see the attached first quarter report and presentation.
A presentation of the results followed by a Q&A session will be held through a live webcast today at 08:30 am CEST. You can follow the webcast from our website: www.scatecsolar.com. You may ask questions through the webcast solution or email your question in advance to ir@scatecsolar.com.
For further information, please contact:
Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatecsolar.com
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364, ingrid.aarsnes@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 more than 1.6 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.scatecsolar.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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