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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 (http://www.scatecsolar.com). You may ask questions
through the webcast solution or email your question in advance to
ir@scatecsolar.com (mailto:ir@scatecsolar.com).
For further information, please contact:
Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatecsolar.com
(mailto:ir@scatecsolar.com)
(https://www.globenewswire.com/Tracker?data=_ktw5MrbO4W9IlNqiM-dhN-
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2O5g=)Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364,
ingrid.aarsnes@scatecsolar.com (https://www.globenewswire.com/Tracker?data=3wM9-
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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 (http://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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