Norwegian independent power producer (IPP) Scatec has reported quarter-on-quarter growth in revenue and operational solar PV capacity in its latest financial results.
The company’s Q2 2026 results include total revenues of US$245.3 million (NOK2.2 billion), an increase from US$176 million in the first quarter of this year, but down from the US$350 million reported in the fourth quarter of last year. Expansion of operational renewable energy capacity has become a priority for the company, which brought online the second and final phase of its flagship Obelisk solar-plus-storage project in Egypt earlier this month, and started commercial operations at solar PV projects in Brazil and Tunisia earlier this year.
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As a result, the contribution of the company’s development and construction work to its total revenues has increased considerably, reaching US$132.1 million in the second quarter of this year, almost double the US$74.6 million reported in the first quarter of this year. Development and construction revenues also accounted for more than half of total revenue in the most recent quarter.
The graph above shows how Scatec’s revenue began to improve in the second quarter of this year, as the company’s total operational solar PV and hydropower capacity has increased consistently. In its report accompanying its financial statements, Scatec attributed the growth in revenues to “construction revenues of NOK255 million (US$27.4 million) related to Scatec’s Joint venture in South Africa, the Lyra Energy 255MW Thakadu project”, and that “revenue growth was further supported by new projects commencing operation”.
This increase in the second quarter does not include the additional capacity brought online at the Obelisk project, which will add a further 1.1GW of solar PV capacity to this total.
Scatec also announced today that it has issued a US$107.3 million bond to “refinance Scatec’s most expensive corporate debt”. Between the first and second quarters of this year, the company reduced its gross corporate interest-bearing debt from US$826.4 million to US$686.9 million.
The uptick in operational renewable energy capacity and the strong financial performance from development and construction work means that Scatec has reaffirmed its forecasts made earlier this year. The company expects power production to reach 5.05-5.35TWh for the full year and proportionate earnings from power production to reach US$386.4-418.6 million, both forecasts that were made in the first quarter of this year.
“We delivered a solid second quarter with continued good progress across our construction portfolio and strong financials from our growing asset base,” said Scatec CEO Terje Ilskog. “New projects are contributing meaningfully to production and revenues, and we remain on track to deliver on our full-year targets.”
