Scatec Fourth Quarter 2021: High Development Activity and Robust Cash Flow

PVTIME – In the fourth quarter 2021 Scatec’s proportionate revenues reached NOK 1,250 million (497) with EBITDA of NOK 683 million (223) and an associated EBITDA margin of 55%. Power production reached 1,047 GWh an increase by more than 2.5 times compared to the same quarter last year.

“We saw another quarter with stable operations, robust cash generation and continued high project development activity within renewables across our core markets. We are further pursuing new and exciting opportunities in the Middle-East within hydrogen, ammonia and desalination powered by green energy. With a substantial track record, a proven value creating business model and a large developing pipeline, we are well positioned for further growth”, says Raymond Carlsen, CEO of Scatec.

803 MW in Brazil and South Africa were added to the project backlog in the quarter, and Release started delivery of redeployable solar and battery solutions in Cameroon, Chad and South Africa. A 900 MW project in India was put on hold and moved from backlog to pipeline due to the introduction of an import duty on solar panels. The backlog and pipeline now total 1,818 MW and 14,775 MW respectively.

Scatec’s fourth quarter consolidated revenues were NOK 1,039 million (679), with an EBITDA of NOK 775 million (448). The consolidated net profit was NOK 136 million (negative 561).

For the full year 2021, Scatec’s proportionate revenues and EBITDA reached NOK 4,615 million (2,844) and NOK 2,686 million (1,306), respectively.

The 2021 Power Production EBITDA more than doubled from 2020 to NOK 2,949 million, mainly driven by the acquisition of SN Power and grid connection of three new power plants. In 2021 construction start of new projects was delayed due to prolonged government approval processes and cost inflation, resulting in limited revenue in the Development and Construction segment.

The Board of Directors has proposed 2021 dividends of NOK 2.54 per share totalling NOK 401 million to be paid out in 2022 following approval by the Annual General Meeting to be held on 28 April 2022.