The Norwegian project developer and operator of solar power plants, Scatec Solar ASA, achieved revenue of NOK 922 million ($115.3 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of NOK 500.3 million ($62.5 million) in the third quarter of 2017. The operating profit amounted to NOK 461.2 million ($57.7 million). All figures include Scatec's ownership in various subsidiaries.
In the same period of the previous year, sales amounted to NOK 208.9 million ($26.1 million). Thus, growth of 341 percent was recorded here, which was achieved with hardly any change in revenue from power production almost exclusively in the development and construction sector (NOK 760.4 million compared with 36.6 million in the same quarter of the previous year). EBITDA increased by 352 percent in the third quarter of 2016 compared to NOK 110.8 million ($13.9million), while operating profit rose by even 636 percent from NOK 62.7 million ($7.8 million) in the previous year.
Scatec's power plant portfolio currently includes 322 MW in operation worldwide, 394 MW under construction and 749 MW in the order backlog. The company estimates its project pipeline at 745 MW. By the end of 2018, Scatec expects 1.3 to 1.5 GW to be in operation or under construction.
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