Scatec Solar continued to deliver strong growth and solid financial results in first quarter 2019 with proportionate revenues of NOK 1,528 million (572), and EBITDA of NOK 315 million (109). Power production reached its highest level ever with 133GWh on proportionate basis, almost doubling production compared to the same period last year.
First quarter revenues and EBITDA increased almost threefold compared to the same quarter last year. This reflects continued high construction activities in the Development & Construction segment with revenues of NOK 1,297 million (417), EBITDA of NOK 159 million (15) and a gross margin of 14%. In the Power Production segment, it was the first full quarter of production for the new plants in Brazil and Malaysia which both contributed to increased revenues and EBITDA.
"We continue our solid deliveries in the first quarter with high construction activity on four continents and significant project development activity. With the first 65MW in Egypt grid connected in April, our installed capacity reached 649MW, and we plan to grid connect substantial new capacity in the next few quarters. With continued strong market growth, we will utilise our market position to further grow a diversified business", says CEO of Scatec Solar Raymond Carlsen.
Scatec Solar's first quarter consolidated revenues were NOK 327 million (289), and EBITDA reached NOK 242 million (150).