Scatec announced rising revenues in Q2 and first half 2021

Scatec's 117 MW PV plant »Guanizuil IIA« in Argentina

Norwegian solar project developer and power plant operator Scatec ASA announced second quarter 2021 proportionate revenues of NOK 1,101 million ($124 million) compared to NOK 925 million in the same quarter of 2020. EBITDA was NOK 601 million (Q2 2020: NOK 417 million). First half 2021 proportionate revenues were NOK 2.111 million ($238 million) compared to NOK 1,791 million in the first half of 2020. With proportionate financials, Scatec reports its share of revenues, expenses, profits and cash flows from its subsidiaries without eliminations, based on the company’s economic interest in the subsidiaries.
Scatec’s second quarter consolidated revenues in Q1 2021 were NOK 874 million (Q2 2020: NOK 725 million). The consolidated net profit was NOK 110 million (NOK -81 million). First half 2021 consolidated revenues were NOK 1,706 million (NOK 1,350 million).
Power production more than doubled in Q2 2021 from the same quarter last year and totaled 860 GWh (406 GWh). The Group’s power production capacity increased by almost 1,500 MW compared to 2020. Power production revenues reached NOK 969 million (Q2 2020: NOK 458 million).
Scatec holds a project backlog of almost 2,100 MW. In addition, the project pipeline is close to 12,300 MW across several technologies. This also include offshore wind projects under development in Southeast Asia.
The company targets power production of 970 to 1,040 GWh in the third quarter 2021 (up from 430 GWh in Q3 2020) and 3,600 to 3,750 GWh in the full year 2021 (up from 3,045 GWh in 2020).

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