Scatec Solar doubles generation as COVID impact is limited

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Image: Scatec Solar.

Scatec Solar doubled its year-on-year power production in Q2, as the company said it has experienced “limited impact” of COVID-19 on operating assets or on delivery of power to customers.

The Norwegian independent power producer saw production reach 406GWh in the second quarter, compared to 349GWh in Q1 and 198GWh in the same quarter last year.

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Following the enlarged portfolio of power-producing assets, Scatec Solar’s second-quarter consolidated EBITDA reached NOK 580 million (US$62.4 million), double the amount recorded during the year-ago period.

Consolidated revenues from power sales too nearly doubled, up 93% to NOK 725 million (US$78 million) compared to the same quarter last year. The increase is mainly thanks to the grid connection of new plants in Malaysia, Egypt, Ukraine and Mozambique.

CEO Raymond Carlsen said that with available liquidity of NOK 3.6 billion (US$387.4 million), the company is progressing several large project opportunities across emerging markets. In May, plans were announced to further pursue new project development after around US$200 million was raised through a private placement.

Scatec has around 400MW of projects currently under construction, split between three projects in Ukraine and one each in Argentina and Malaysia. While testing of the portfolio has been affected by travel constraints and local regulations, it is expected all power plants will reach commercial operation in the second half of 2020.

In addition to projects in backlog, the firm holds a pipeline of projects totalling 5,620MW. This has developed over the last year through project development efforts in markets around the world, including South Africa, where the company holds sites representing more than 1GW ready to be bid in upcoming tender rounds.

However, temporary delays in maturing projects currently in backlog and pipeline have been noted by Scatec Solar, in part due to the impact from coronavirus.

“I’m proud of our people who have maintained stable operations and ensured continued power deliveries to our customers during challenging times, and we are completing our construction projects in the second half of this year,” said CEO Carlsen. “Even though COVID-19 continues to impact some solar markets, we are growing our pipeline.”

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