Stable development for Scatec

Norwegian renewable energy company Scatec ASA reported revenues of 1.13 billion kroner ($117 million) in the second quarter of this year, 12.2 percent more than in the first quarter (NOK 1.007) and 11.4 percent more than in the same period last year (NOK 1.014). Scatec calculates its financial figures according to its share in projects implemented jointly with other companies. These currently amount to 52 percent of solar, hydro and wind power plants with a total of 3.355 gigawatts of capacity in operation, 50 percent of plants under construction with 1.266 gigawatts and 53 percent of backlog projects with 933 megawatts. The total portfolio thus comprises 5.554 gigawatts, of which Scatec has a 51 percent share. The company currently has a project pipeline of 14.8 gigawatts.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter were NOK 547 million ($56.5 million), up 26.3 percent from the first quarter (NOK 433 million), but still 18.4 percent below the same period in 2021 (NOK 670 million). According to Scatec, the year-on-year decline was mainly due to lower results from joint ventures, increased operating costs and lower sales in Ukraine, where Scatec operates five solar power plants.
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