Norway-based renewable energy solutions provider Scatec reported a net loss of NOK101 million (~$8.88 million) in the fourth quarter (Q4) of 2024 from a net profit of NOK724 million (~$63.73 million) due to an increase in operating expenses and cost of sales.

The company’s revenue stood at NOK1.15 billion (~$101.24 million), a year-over-year (YoY) decline of 29% from NOK1.62 billion (~$142.61 million).

The company’s EBITDA was NOK816 million (~$71.83 million), a 39% YoY decline from NOK1.35 billion (~$118.84 million). However, Scatec’s total proportionate EBITDA increased by 22% compared to 2023, reaching NOK4.7 billion (~$417.71 million). This growth was primarily driven by strong financial results in the Philippines’ ancillary services market, increased production from newly operational projects, and successful divestments with significant gains in sales.

Scatec’s power generation reached 1,138 GWh, an increase from 811 GWh in the corresponding period of the previous year, driven mainly by new projects. The 142 MW solar project in Brazil, the additional 60 MW solar project in Botswana, and the 103 MW storage project in South Africa started construction in the quarter.

Full-year 2024

Scatec reported a net profit of NOK1.48 billion (~$130.31 million) in 2024, up 32% YoY from NOK1.12 billion (~$98.63 million), driven by strong performance in power production and development and construction activities.

The company’s revenue stood at NOK6.57 billion (~$578.55 million), up 39% YoY from NOK4.72 billion (~$415.64 million).

The company’s EBITDA was NOK5.42 billion (~$477.17 million), a 52% YoY increase from NOK3.57 billion (~$314.28 million), supported by high construction activity with a gross development and construction margin of 12%.

Scatec’s project pipeline totals to 10,116 MW, including 6,258 MW solar, 2,274 MW wind, and 980 MW green hydrogen. The company has a backlog of 1,949 MW and 767 MW under construction.

Scatec secured a 15-year contract for difference (CfD) in Romania for a 190 MW project as part of the country’s 5 GW CfD program, with additional tenders expected in 2025. New projects in South Africa and Romania will take approximately six to twelve months to transition from backlog to construction. Projects in Egypt are in the structuring phase, with final development activities, financing, and contractor arrangements progressing as planned.

Scatec announced plans to issue a bond of NOK1 billion (~$88.05) to strengthen its financial position, extending its debt maturity profile and enhancing financial flexibility. The proceeds will be used to buy back the remaining €114 million (~$117.68) from the green bond maturing this year, ensuring no major maturities until 2027.

The company’s estimated power production in 2025 is between 4,100 GWh and 4,500 GWh, and EBITDA guidance is between NOK3.75 billion (~$330.28 million) and NOK4.05 billion (~$356.81 million). Power production is estimated to reach between 900 and 1,000 GWh in the first quarter of 2025.

Scatec reported a 1,632% YoY rise in net profit to NOK1.65 billion (~$150.18 million) in Q3 2025 from NOK95 million (~$8.64 million).

In Q2 FY25, Scatec reported revenues of NOK1.5 billion (~$141 million), an increase of 38% YoY.