Norway-based renewable energy solutions provider Scatec posted a revenue of NOK1.31 billion (~$124.76 million) in the second quarter (Q2) of the financial year (FY) 2025, a 26% year-over-year (YoY) increase from NOK1.17 billion (~$111.43 million).

The revenue was driven by lower interest costs, foreign exchange gains, and the divestment of hydropower and the Vietnam-based wind farm earlier in 2025.

Terje Pilskog, Chief Executive Officer at Scatec, said, “The Philippines delivered a strong quarter in terms of power production, ancillary services, and financial contribution. Power production reached 106 GWh, which is 67% higher than last year. This is due to strong hydrology with high water levels in the reservoirs at the start of the quarter and good water inflows during this period.”

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to NOK1.02 billion (~$97.14 million) from NOK930 million (~$88.57 million) in Q2 2024.

Net profit was NOK314 million (~$29.90 million) versus a loss of NOK33 million (~$3.14 million) in Q2 2024.

Operational Highlights

Scatec’s diversified renewable energy portfolio spans solar, wind, hydropower, storage, and green hydrogen. By Q2 2025, the company had 2.8 GW in operation, 1.2 GW under construction, and 2.7 GW in backlog, totaling 7.2 GW in the near-term portfolio, in addition to 9.4 GW in the pipeline.

Its major ongoing projects include the 1,125 MW Obelisk solar plus 100 MW battery storage in Egypt and the newly awarded 846 MW Kroonstad solar cluster in South Africa. Other solar projects under construction are in Botswana (60 MW), South Africa (273 MW at Grootfontein and 288 MW at Mercury 2), Tunisia (120 MW), and Brazil (142 MW).

In the wind segment, Scatec signed a power purchase agreement for a 900 MW project in Egypt, adding to its 1,919 MW wind backlog.

In storage, the company is building 103 MW/412 MWh at Mogobe, South Africa, and 56 MW at Magat and Binga in the Philippines, with an additional 123 MW/492 MWh capacity Haru battery energy storage system in backlog.

Pilskog stated, “In general, this quarter highlights the earnings potential of the flexible asset portfolio that we have in the Philippines, as we have different technologies and several market segments to play in, with varying opportunities across the market.”

Operational storage includes 225 MW/1,140 MWh at Kenhardt in South Africa and 56 MW across Magat and Binga. Hydropower assets continue to contribute in the Philippines and Laos, while the Egypt green hydrogen project combines 290 MW of solar and wind with a 100 MW electrolyzer, part of a 980 MW power-to-x pipeline.

Scatec’s combined backlog and pipeline of 7.7 GW consists of 58% solar, 25% wind, 13% power-to-x, 2% storage, and 2% hydro.

“In terms of construction, we currently have close to 2 GW of solar and battery storage under construction in six different countries, and at various stages,” Pilskog said.

Outlook

For the full year, Scatec expects power production of 4,000 GW to 4,300 GW and EBITDA in the range of NOK4.15 billion (~$395.24 million) to 4.45 billion (~$423.81 million), with a midpoint of around NOK4.3 billion (~$409.52 million).

Its Q3 2025 power production is projected at 1,100 GW to 1,200 GW, with the Philippines EBITDA estimated between NOK280 million (~$26.67 million) to NOK380 million (~$36.19 million).

Scatec posted a 41.6% YoY rise in consolidated revenue to NOK1.81 billion (~$174.28 million) in Q1 2025 from NOK1.28 billion (~$123.25 million).