- In the fourth quarter, Scatec reported proportionate revenues of NOK 2.68 billion (1.59 billion), with an EBITDA of NOK 1.38 billion (0.81 billion).
- For the full year, Scatec reported proportionate revenues of NOK 7.85 billion (12.37 billion), with an EBITDA of NOK 4.69 billion (3.85 billion).
Scatec’s power plants generated 1,138 GWh in the quarter, up from 811 GWh in the same quarter last year on a proportionate basis, mainly driven by new plants in operation. Power production revenues were NOK 1.63 billion (1.04 billion) and EBITDA ended at 1.35 billion (0.82 billion). The increase was mainly driven by good performance in the Philippines, new plants in operation and an accounting gain from the divestment in South Africa.
The Development & Construction (D&C) segment delivered revenues of NOK 1.04 billion (0.53 billion) from construction activities in South Africa, Tunisia, Botswana and Brazil, with a strong gross margin of 12%.
Net corporate debt was reduced by approximately NOK 1 billion in the quarter resulting from repayment of USD 72 million drawn under the corporate Revolving Credit Facility and increase in cash. The cash increase was driven by solid operational cash flow, proceeds from the farm-down in South Africa and refinancing of project debt in the Philippines.
Scatec continued to deliver attractive renewables growth in the quarter and reached important milestones for several development projects. The 142 MW solar project in Brazil, the additional 60 MW solar project in Botswana, and the 103 MW storage project in South Africa all started construction in the quarter. Scatec was further awarded a 20-year PPA for a 288 MW solar project in South Africa during the quarter and signed a 15-year Contract-for-Difference (CfD) in Romania in January. Scatec now has 0.8 GW under construction and 1.9 GW in backlog, providing visibility on attractive near-term growth projects which will to be grid connected over the coming years.
“We have made good progress during the quarter with strong financial performance across segments, increased construction activities, and reduced our net corporate debt. We are well positioned for further profitable growth in 2025 based on a growing and maturing backlog and an attractive pipeline. We remain committed to continue strengthening our financial position by deleveraging on corporate level with proceeds from strategic divestments,” says CEO Terje Pilskog.
Scatec has today announced a contemplated issuance of a new expected NOK 1 billion green bond to extend the corporate maturity profile. The proceeds from the bond will be used to repay the EUR 114 million bond due 19 August 2025, enhancing financial flexibility.
Fourth quarter consolidated revenues and other income was NOK 1.15 billion (1.62 billion), EBITDA was NOK 0.82 billion (1.35 billion), and the net profit was NOK -0.1 billion (0.72 billion).
For the full year, consolidated revenues and other income was NOK 6.57 billion (4.72 billion), EBITDA was NOK 5.42 billion (3.57 billion), and the net profit was NOK 1.49 billion (1.12 billion).
Outlook
- Full year 2025 proportionate power production of 4.1 – 4.5 TWh
- Full year 2025 proportionate EBITDA estimate of NOK 3,750 – 4,050 million
- D&C gross margins for projects under construction and in backlog is estimated at 10-12%
Author: Bryan Groenendaal
