Scatec, the independent power producer (IPP) based in Norway, has released strong financial results for Q1 2023, driven by solid operational and financial performance. The company's revenue increased due to higher revenues in Ukraine and high irradiance in South Africa, among other factors. Scatec recorded a consolidated revenue of NOK919m ($86.6m), up from NOK759m in Q1 2022. Its consolidated EBITDA also registered a 45.3% increase, rising from NOK433m in Q1 2022 to NOK629m in Q1 2023.
During the quarter, Scatec reduced its renewables project pipeline by 2.5GW, including a green ammonia project in Oman, which it had been developing with Indian developer Acme. However, the company's total pipeline at the end of Q1 2023 was 13.1GW, with 4.3GW coming from solar PV, representing a third of the total capacity in the pipeline. This figure is slightly down from the 5GW registered at the end of Q4 2022.
Scatec sold a stake in a 258MW solar PV plant in South Africa to help finance further growth during the first quarter of the year. It also refinanced $100m ahead of its financial results for Q4 2022 and the entire year.
Scatec CEO, Terje Pilskog, said: “Scatec delivered high power production availability in the quarter and without any injuries. We also report solid progression and strong margins of 11% for our projects under construction in South Africa, Brazil, and Pakistan. We will continue to deliver on our strategy with a focused and disciplined approach, providing renewables projects with attractive returns.”
Furthermore, Scatec's development and construction business unit is expected to continue to increase its revenues in Q2 2023 compared to previous quarters.
