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million (627) with a gross margin of 15 percent.
For the year we reported all-time high proportionate revenues of NOK 12.7
billion (5.1) and EBITDA of NOK 3.8 billion (2.6), driven by high construction
activity.
“Throughout 2023 we delivered on our strategy, and I am proud of the
achievements by our global team. EBITDA from our operating assets reached NOK
3.2 billion and we generated 3.6 TWh of clean energy with no lost time
incidents, while our power plants helped to avoid 3.9 million tonnes of
greenhouse gas emissions,” says Scatec CEO Terje Pilskog.
In the fourth quarter 2023 Scatec generated proportionate Power Production of
811 GWh (979) with revenues of NOK 1,034 million (1,032) and EBITDA of NOK 793
million (821).
“The year was also characterised by the largest construction programme in
Scatec’s history. We crossed the finish line for Kenhardt in South Africa, one
of the world’s largest hybrid solar and battery storage plants and are close to
completing our construction projects in Brazil and Pakistan. In total these
projects have generated all-time high D&C revenues of 8.2 billion in 2023, with
a solid average gross margin of 12 percent,” he adds.
During the year, Scatec has focused its efforts on optimising the company’s
portfolio through consolidation of assets and capital recycling and secured NOK
2.7 billion of growth funding from strategic transactions. Scatec has divested
four solar power plants across South Africa, Mozambique, Argentina, and Rwanda,
and raised USD 202 million in debt and equity funding for Release to accelerate
growth.
In January 2024, Scatec agreed refinancing terms with DNB, Nordea and Swedbank
for its USD 150 million Green Term Loan, with new maturity in the fourth quarter
2027.
Furthermore, Scatec has laid the foundation for further growth in 2024. The
company has started initial construction works for a 273 MW solar project
(Grootfontein) in South Africa and a 60 MW solar plant (first phase) in
Botswana. Scatec was also awarded a battery storage project of 103 MW in the
first ever battery storage tender in South Africa.
Scatec’s strategy remains firm - to develop, build, own, and operate renewable
energy, with a focus on growing renewables and optimising the portfolio. Scatec
continues to see strong long-term demand for renewables and particularly
attractive opportunities within solar as component prices are decreasing. Scatec
continues to be committed to disciplined growth with attractive margins funded
by internal capacity, while focusing on optimising the company’s portfolio.
“The outlook for renewables has continued to strengthen with significant price
drops of both solar modules and batteries last year. The reductions are driven
by significant scaling up of capacity, technology development and innovation.
Renewables are more competitive than ever, which is especially the case in our
focus markets,” concludes Pilskog.
Outlook
The full year 2024 proportionate power production estimate is 4.2 - 4.6 TWh with
a proportionate EBITDA estimate of NOK 3.4 - 3.7 billion.
Additional information
Proportionate historical financial information on a country-by-country level is
attached to the stock exchange notice.
A presentation of the results, followed by a Q&A session will be held at House
of Oslo (the auditorium), Ruseløkkveien 34, 0251 Oslo, today at 09:00 am
CET. You can also follow the presentation and Q&A session from our website, or
this direct link: Scatec webcast Q4 2023
(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240126_1).
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,
andreas.austrell@scatec.com
(https://www.globenewswire.com/Tracker?data=Hb0NQs1FEM_L5UKgknJRBO2ToOiY05Gqblhr
eps0dr8otSUGWZTZhtMmjiagDF65mJUCeQDSNuVTmGDLqf3SVx5okmjOPrnK_uyk5b9jHFjEK65YCypR
Ct7VfqPR3qs8)For media: Meera Bhatia, SVP Communications & Government Affairs,
phone: +47 468 44 959, meera.bhatia@scatec.com
(https://www.globenewswire.com/Tracker?data=i_Z5cgfSzDS6_PBmr57KOQaz5gP87azHZehU
7g0aFFnHtL0jBgt6a1nrQZlNGpusUgbv3Dd8m8TSAv3F9E6qSjonhsodbXE5SZ_dJ3NXrz8=)
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy emerging markets. As a long-term player, we
develop, build, own, and operate renewable energy plants, with 4.2 GW in
operation and under construction across four continents today. We are committed
to grow our renewable energy capacity, delivered by our passionate employees and
partners who are driven by a common vision of ‘Improving our Future’. Scatec is
headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol ‘SCATC’. To learn more, visit www.scatec.com
(https://scatec.com/) or connect with us on LinkedIn
(Scatec ASA | LinkedIn).
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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