Scatec’s Revenue Surges YoY by 12% to $114 Million in Q2 2022 (1)

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Norwegian independent power producer Scatec recorded second-quarter (Q2) revenue of NOK1,130 million (~$114 million), a year-over-year (YoY) increase of 12% from NOK1,007 million (~$102 million).

The company said that the revenue growth in Q2 was fuelled by stable operations and increased construction activities with a 7% spike in production. Scatec commenced building new power plants in South Africa, Pakistan, and Brazil during the quarter.

The company’s consolidated Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) totaled NOK517 million (~$52 million), a YoY dip of 14% from NOK601 million (~$62 million).

Scatec’s revenue from solar and wind projects and hydro projects in the Philippines, Laos, and Uganda amounted to NOK1,015 million (~$103 million), up 16% from NOK875 million (~$88 million) in the previous year’s quarter.


The renewables’ EBITDA totaled NOK617 million (~$63 million) in Q2, a YoY dip of 6% from NOK660 million (~$68 million). The company said the EBITDA resulted from increased operating expenses compared to last year, driven by added capacity in Ukraine and Argentina, non-recurring costs, and foreign currency effects.

Scatec’s cumulative gross profit for the quarter totaled NOK810 million (~$82.29 million), a YoY rise of 0.21% from NOK808 million (~$82.09 million).

The Europe-based power producer is set to commence construction activities of its hybrid solar and battery storage plant in the Northern Cape Province of South Africa, the company’s largest investment to date.

The construction work of the projects at the Mendubim solar site in the state of Rio Grande do Norte in Brazil is also set to begin.

The company’s renewable projects portfolio stands at 20.3 GW, including 3.3 GW of operational and 1.2 GW of under-construction projects. It has a project backlog of 933 MW and 14.7 GW of projects in the pipeline.

Scatec had posted revenue of NOK1,014 million (~$106.2 million) in Q1 2022, a YoY surge of 25% from NOK954 million (~$100.40 million).

The company has put its $400 million, 900 MW solar project in partnership with ACME on hold. It has cited the lack of domestic solar modules and the imposition of basic customs duty on solar panels as the reasons for deferring the project.