Ukraine conflict dents Scatec’s opening quarter earnings

May 9, 2022
Facebook
Twitter
LinkedIn
Reddit
Email
Scatec currently has 448MW of solar PV in operation in South Africa. Image: Scatec.

Russia’s invasion of Ukraine was blamed for a collapse in Q1 earnings recorded by independent power producer (IPP) Scatec.

The IPP recorded revenues of NOK1,014 billion (US$106.34 million) in the first quarter of 2022, a 6.3% increase year-on-year, however earnings fell 37% to NOK398 million (US$41.62 million).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Scatec owns and operates 336MW of solar PV in Ukraine. While it confirmed that 95% of its projects in Ukraine remain operational, the business had made an impairment of NOK770 million of non-current assets and a credit loss provision on trade and other receivables of NOK87 million, recorded on a proportionate basis during the quarter.

Scatec currently has a backlog of 1.7GW of solar projects across four countries – South Africa (813MW), Brazil (530MW), Tunisia (360MW) and Lesotho (20MW) – and 1.1GWh of battery energy storage system (BESS) which it aims to start construction on all the projects during 2022.

Its current portfolio consists of 3GW of renewable assets in operation and a pipeline of 14.5GW, 5.9GW of which is solar PV.

Terje Pilskog, CEO of Scatec, said the business intended to bring its backlog intro construction this year whilst growing its pipeline within core markets.

“In addition, we will have a strong focus on further developing our green ammonia and green hydrogen business,” Pilskog added.

During the first quarter Scatec has actively expanded its presence in the green hydrogen market as it announced a series of green hydrogen and green ammonia projects in Oman and Egypt, as well as its first stand-alone BESS project in the Philippines.

Furthermore, last month the Greenfield project in Oman received the first green hydrogen and green ammonia certification from technical advisory company TÜV Rheinland.

Scatec reviewed its guidance for 2022 with an expected production between 3.9 – 4.2TWh and an EBITDA of NOK 2.3-26 billion, down NOK400 million to reflect the impact of the conflict in Ukraine.

Read Next

October 24, 2025
US solar tracker manufacturer Nextracker and Saudi-based energy company Abunayyan Holding have formed a joint venture (JV) in Saudi Arabia.
October 23, 2025
Spanish power electronics specialist Ingeteam has won a contract to supply inverters and control systems for European Energy Australia's 100MW Winton North solar-plus-storage project in northeast Victoria.
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 15, 2025
The Australian government has approved the 141MW Forbes Solar Farm Project in New South Wales in just 19 days, marking one of the fastest environmental approvals on record in the country.
October 14, 2025
Levanta Renewables will develop a 166MWp ground-mounted solar and storage project in the Visayas Islands as part of the Philippines’ Fourth Green Energy Auction. 
October 8, 2025
The NSW Independent Planning Commission has granted planning approval for Potentia Energy's 500MW Tallawang solar-plus-storage project.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal