Norway-based independent power producer Scatec reported revenues of NOK1.5 billion (~$141 million), an increase of 38% year-over-year (YoY), in the second quarter (Q2) of 2024.

The increase in revenue was driven by new plants starting operations in South Africa, Brazil, and Pakistan, as well as the recognition of reserve market revenues in the Philippines.

The company’s power plants generated 995 GWh during the quarter, up from 873 GWh in the same period last year.

The company’s EBITDA for the quarter stood at NOK951 million (~$89.4 million), with the power production segment achieving an EBITDA of NOK873 million (~$82.1 million), a 38% YoY increase when adjusted for divestments.

Scatec faced a net loss of NOK33 million (~$3.1 million) in the quarter from a net profit of NOK402 million (~$37.8 million) in the same quarter of the previous year.

The company commenced construction on the Sidi Bouzid and Tozeur solar projects in Tunisia in partnership with Aeolus SAS, part of the Toyota Tsusho Group. These projects have a combined capacity of 120 MW.

In Egypt, Scatec signed a 20-year ammonia offtake agreement with Fertiglobe for the Egypt Green Hydrogen project and agreed on terms with Yara Clean Ammonia for a project in Damietta.

In Brazil, Scatec secured a 10-year power purchase agreement with Statkraft for a 142 MW solar plant. The company signed a lease agreement with ENEO to expand its solar and battery storage capacity in Cameroon.

The company also refinanced its hydropower plants in Benguet, Philippines, generating proceeds of approximately NOK170 million (~$16 million).

Scatec also signed agreements to divest its African hydropower assets and reduce its ownership in three solar power plants in South Africa, aligning with its strategy to optimize its portfolio and reinvest capital into new projects.

Looking forward, Scatec maintains its full-year 2024 proportionate power production estimate at 4.1 – 4.5 TWh despite a slight reduction in the second quarter. The company continues to focus on strategic divestments and reinvestments to enhance its renewable energy portfolio.

Scatec reported a net loss of NOK26 million (~$2.3 million) during  Q1 2024, a 73% improvement YoY from a net loss of NOK98 million (~$8.8 million).

The company reported a net profit of NOK724 million (~$70 million) in Q4  of 2023, improving from a loss of NOK433 million (~$41.5 million) a year ago.