Scatec Solar ASA: New target represents significant growth
Oslo, January 29, 2016: Scatec Solar ASA has set a new target to reach 1,400 -
1,600 MW in operation and under construction by end of 2018. The new target,
which represents significant growth from current levels, is announced on the
occasion of the release of the company's 2015 fourth quarter results.
Power production in fourth quarter increased 40 percent from the previous
quarter to reach 151 GWh. This was achieved due to grid connection of new solar
power plants and a seasonal higher production in South Africa. The 104 MW Red
Hills plant in Utah - the biggest in the state - was successfully commissioned
on time in December 2015, thus increasing the operating asset base to gross 383
MW, up from 219 MW at the end of 2014. In addition, the company's plant in
Honduras outperformed production forecast.
Referring to the positive outcomes, Scatec Solar's CEO, Raymond Carlsen said "We
report strong results for the fourth quarter 2015 mainly driven by revenue
growth entering the summer season in South Africa and a full quarter of
production of the 60 MW Agua Fria plant in Honduras. Looking ahead, we expect
2016 to be an exciting year as we accelerate the implementation of ongoing
projects worldwide."
Consolidated revenues reached NOK 267 million, increasing from NOK 194 million
in the same period last year and up from NOK 204 million in the previous
quarter. Consolidated EBITDA reached NOK 215 million, up from NOK 133 million
last year and NOK 159 million in the previous quarter. Power production
increased by more than 33% year on year. This is mainly due to normalised
seasonal irradiation levels for the African projects in the period and the
higher than expected irradiation for the Agua Fria plant in Honduras that was
grid-connected last autumn. The plant produced more electricity than forecast.
Scatec Solar holds a solid financial position and last November a three-year NOK
500 million senior unsecured green bond was issued. By end of 2016, Scatec Solar
expects to have 750-900 MW in operation and under construction.
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 58 million in the fourth quarter 2015, up from NOK 44
million in the same period last year and up from NOK 37 million in the previous
quarter.
The current project backlog consists of 344 MW, project pipeline comprises
several projects with a combined capacity of 1,174 MW, while the project
opportunities now hold a combined capacity of 2,500 MW across Americas, Africa
and MENA.
For more details, please see attached the fourth quarter report and
presentation.
A presentation of the results will be held today at 08.00 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 source of clean energy worldwide.
A long term player, Scatec Solar develops, builds, owns, operates and maintains
solar power plants, and already has an installation track record of close to
600 MW.
The company is producing electricity from 383 MW of solar power plants in the
Czech Republic, South Africa, Rwanda, Honduras and the United States.
Construction of additional 43 MW solar power plants in Jordan is under way.
With an established global presence, the company is growing strongly with a
project backlog and pipeline of more than 1.5 GW under development in the
Americas, Africa, Asia and the Middle East. 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
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