Norwegian independent power producer (IPP) Scatec has reported strong fourth-quarter results with proportionate revenues increasing 25% year-on-year to NOK3.36 billion (US$350 million).
In the fourth quarter, the company’s EBITDA stood at NOK1,065 million (US$1.3 million). The company said performance was driven by solid execution across its Development & Construction (D&C) segment and continued contributions from its power production assets.
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The D&C segment generated revenues of NOK2,266 million (US$1 million), delivering a gross margin of 14% and EBITDA of NOK251 million. Scatec attributed the result to strong construction progress at the Obelisk solar project in Egypt and the Mogobe battery energy storage system (BESS) project in South Africa.
Power production revenues totalled NOK1,079 million (US$1.6 million), with EBITDA of NOK842 million (US$1.3 million). Total power generation from Scatec’s operating portfolio reached 1,017GWh during the quarter, compared with 1,138GWh in the same period last year. The company said the decline was mainly due to divestments completed in 2024 and 2025.
On a consolidated basis, Scatec reported fourth-quarter revenues and other income of NOK1,028 million (US$1.1 million), EBITDA of NOK697 million (US$816 million) and a net loss of NOK28 million (US$101 million).
For the full year, proportionate revenues reached NOK11,002 million (US$7.8 million), while EBITDA amounted to NOK4,635 million (US$4.6 million). Consolidated revenues and other income totalled NOK5,238 million, EBITDA was NOK4,013 million, and net profit stood at NOK1,054 million.
“Our achievements in 2025 are a testament to Scatec’s mission: to deliver clean, affordable energy across markets worldwide. As we move into 2026, we are well-positioned to capitalise on new opportunities, pursue innovation, and scale up our impact on the global transition to renewable energy,” said Terje Pilskog, CEO, Scatec.
During the quarter, Scatec made a number of project developments. In the Philippines, the company was awarded a 68MW floating solar project through a public auction. In southern Africa, Scatec reached commercial operation for the Grootfontein solar plant in South Africa and the Mmadinare solar project in Botswana.
In Egypt, the company signed two equity partners for its Obelisk project, while construction continued at what Scatec described as a “record pace”. The company also strengthened its balance sheet by repaying a corporate term loan using proceeds from a new bond issuance, extending its debt maturity profile. Corporate net interest-bearing debt was reduced to NOK3.4 billion, supported by strong cash generation during the quarter.
Looking ahead, Scatec expects proportionate power production of between 5.2TWh and 5.6TWh in 2026, with proportionate EBITDA from power production forecast at NOK3.8 billion to NOK4.1 billion. The company has a remaining D&C contract value of NOK1.8 billion for projects under construction, with estimated gross margins of 10%-12%.
