Norwegian independent power producer Scatec posted consolidated revenue of NOK 1,163 million (~$110.6 million) for Q3, 2022, an increase of 10% year-over-year (YoY) primarily due to better power sales at higher prices in the Philippines. Scatec has 642 MW of operational hydropower projects in the Philippines.

The power production for Q3 rose by 7% YoY to 1,135 GWh, mainly on the back of 58% higher hydropower generation at 339 GWh in the Philippines. The revenue from hydropower sales in the Philippines increased by 83%, with NOK615 million ($59.1 million) in Q3.

“Power production in the Philippines ended 37% above the 5-year average and above the contracted sales volumes as expected. Excess production volumes were sold in the power market at high prices,” the company said.

Reflecting the Q3 results, Scatec raised its proportionate power production full-year 2022 Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) guidance to NOK 2.75-2.85 billion ($261.7-271 million) from NOK 2.5-2.7 billion ($237.8-$256.8 million), reflecting the third-quarter results. It said it expected an above-normal fourth-quarter performance in the Philippines.

Scatec’s revenue from solar and wind projects and hydro projects in the Philippines, Laos, and Uganda amounted to NOK1311 ($124.3), up 22% from NOK1,072 million (~$101.7 million) in the previous year’s quarter.

Of the total revenue for Q3, Scatec said that the development and construction revenues from engineering, procurement, and construction (EPC) contracts totaled NOK 412 million (~$39.2 million) generated from the under-construction projects in South Africa, Brazil, and Pakistan.

Scatec’s adjusted EBITDA surged 7% YoY to NOK 886 million (~$84.3 million) in Q2, 2022.

The company said that the growth in EBITDA was in line with a higher gross profit of NOK 1,101 million (~$104.8 million), a 10% spike YoY.

Scatec CEO Terje Pilskog observed, “We reported strong results from our diversified portfolio of power plants driven by the solid performance in the Philippines. We had an all-time high EBITDA during the third quarter, and our construction activities in South Africa, Brazil, and Pakistan are progressing well.”

Scatec had a project backlog of 900 MW with a project pipeline of 15 GW at the end of Q3, and the company said that 80% of its focus is on larger projects that would further fuel the income.