Norwegian independent power producer Scatec’s total revenue rose 21% year-over-year (YoY) to NOK919 million (~$87 million) for the first quarter (Q1) of the financial year (FY) 2023, primarily driven by higher hydropower production in the Philippines.

The company said quarterly revenue was further boosted by the high payment level in Ukraine, higher irradiation in South Africa, and foreign currency effects.

For the January-March quarter, the total power production reached 887 GWh compared to 868 GWh YoY. The company said the revenue from power production rose 21% YoY to NOK882 million (~$84 million) in the first quarter.

Scatec’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose by 45% YoY to NOK629 million (~$60 million).

Scatec’s loss narrowed to NOK98 million (~$9.2 million) compared to NOK1,062 million (~$111 million) year-over-year (YoY) primarily because the depreciation, amortization and impairment for the first quarter of NOK 276 million (1,149) decreased compared to the same period last year.

The power production EBITDA increased to NOK686 million (~$65 million) compared to NOK490 million (~$46 million) in the same period last year.

“Scatec delivered high power production availability in the quarter without any injuries. We also report solid progression and strong margins of 11 percent for our projects under construction in South Africa, Brazil, and Pakistan,” said the company’s CEO, Terje Pilskog.

The company net expenses for the quarter came in at NOK350 million (~$33 million), mainly including interest expenses of NOK413 million (~$39 million) and unrealized currency gains of NOK81 million (~$8 million) to the decreased losses for Q1 2023.

Scatec swung into a net loss of NOK 433 million (~$42 million) in the fourth quarter of 2022, compared with a profit of NOK 136 million (~$13.14) YoY, primarily due to reduced income from joint ventures (JVs) impacted by lower power generation from hydropower projects in Laos, Asia.

The company posted a YoY increase of 25% in its revenue for Q1 2022 at NOK1014 million (~$106.2 million), mainly supported by solar, wind, and hydropower projects during the quarter, contributing NOK933 million (~$97.22 million).