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Scatec Solar partners with Statoil to build solar plants in Brazil

Scatec Solar has entered into a partnership agreement with Statoil ASA to establish a 50/50 joint venture to build, own and operate large scale solar plants in Brazil.
Scatec Solar partners with Statoil to build solar plants in Brazil

The Joint Venture aims to become a significant player in the Brazilian solar market. Scatec Solar secured a net gain of 375 million Krona on this transaction in the third quarter. The company has also seen financial close on three solar PV plants in Malaysia, totalling 197 MW, with an additional 400 MW in Egypt and 258 MW in South Africa, both currently approaching financial close with an expected construction start in 2018.

Scatec Solar's third quarter saw consolidated revenues reached 655 million Krona, up from 281 million in the same period last year.

Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) reached 595 million Krona, up from 222 million Krona last year. Power production reached 157 GWh in the third quarter, broadly in line with the same quarter last year excluding divestments, and up 7 percent from the previous quarter.

Scatec Solar's proportionate share of revenues reached 922 million Krona, up from 209 million in the same period last year. The proportionate EBITDA reached 500 million Krona, up from 111 million in the same period last year. Cash flow to equity across all business activities reached 216 million Krona in the third quarter, compared to 29 million Krona in the same period last year.

“Our strong financial results reflect the value that has been created over the last few quarters” said Scatec Solar's CEO, Raymond Carlsen. “The Statoil partnership in Brazil and the Malaysian transaction clearly demonstrate the strength of our project portfolio and business model. I am very proud of our organisation's ability to deliver high value projects in new environments”.

Image: Scatec Solar's Oryx solar farm in Jordan

For additional information:

Third Quarter report and presentation

Scatec Solar

Tags: Solar ,Oil ,Africa ,PV
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