Sky Solar revenue soars as projects start generating cash

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Global project developer Sky Solar has reported a 54.2% increase in its Q2 revenue as a number of projects began contributing to the company’s cash flow.

It reported total revenue of US$12.6 million in Q2 2015 with US$11.2 million from electricity generation.

Owned and operated IPP assets were at 93.2MW up just 0.5MW from the previous quarter. The company has around 1GW of projects under development. Shovel-ready projects were down to 276.3MW from 283MW in the previous quarter. The company added that of these 120MW is now ready to break ground.

“We are pleased to report both top-line and bottom-line growth for the second quarter of 2015 as our solar parks in Canada and Japan completed in the first quarter of 2015 began to contribute revenue this quarter,” said Weili Su, founder, chairman and chief executive officer of Sky Solar “Electricity sales in the second quarter of 2015 were…up by 62% year-over-year and up by 118% sequentially,” he added.

Its non-generation revenue was largely from EPC work in Japan which offset a decrease in EPC activity in Canada as the company switched to an IPP model in that market.

Su also revealed that work had already begun on a portfolio of projects in Uruguay.

“In July, we secured US$85 million in new loans to finance six solar parks in Uruguay, with a total installed capacity of 82MW. During the second quarter, we made good progress on construction for the first 8.0MW park,” he said.

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