Sky Solar Holdings decreased revenue and announced loss for H1 2019

Owner and operator of solar parks Sky Solar Holdings Ltd announced its financial results for the first six months ended June 30, 2019. Revenue was $25.9 million in the first half of 2019, compared to $33.2 million in the same period of 2018. Electricity sales were $24.3 million (H1 2018: $31.5 million). The period-over-period decrease in electricity sales was primarily due to the removal of solar parks with 71.7 MW of production capacity in Uruguay because the former Uruguay subsidiaries which held these solar parks are no longer consolidated into the company’s financial statement. Net loss was $13.9 million in the first half of 2019, compared to net income of $8.2 million in H1 2018.
As of June 30, 2019, the company owned and operated 117.1 MW of IPP assets, compared to 211.0 MW as of December 31, 2018. This decrease reflects the removal of solar parks in Uruguay and the disposal of 13 IPP solar parks in Japan. Sky Solar had 16.9 MW of projects under construction in the reporting period, comprised of 10.9 MW of projects in Japan and a 6.0 MW project in Chile. This compares to 5.4 MW under construction as of December 31, 2018. The total pipeline stood at 374.4 MW, which includes shovel ready, development, advanced and qualified projects in Canada, U.S., Chile and Japan.

Related News