Scatec Solar delivered record results in second quarter 2019 with proportionate revenues of NOK 1,648 million (1,229) and EBITDA of NOK 388 million (266), an increase of 46% year on year. Power Production reached 198GWh on proportionate basis, almost tripling production compared to the same period last year.
Second quarter revenues and EBITDA continued to grow compared to the same quarter last year. This reflects continued high activity in the Development & Construction segment with revenues of NOK 1,339 million (1,045), EBITDA of NOK 165 million (140) and a gross margin of 14%. In the Power Production segment, installed capacity was 911MW at the end of second quarter, delivering EBITDA of NOK 221 million.
"We deliver our best quarter ever with growth across all business segments. The high activity continued in all regions with grid connection of 326MW in Egypt and Malaysia and construction start for 247MW in Ukraine. Our project backlog and pipeline exceed 5GW, reflecting that we are strengthening our market position and expanding partnerships in key regions", says Raymond Carlsen, CEO of Scatec Solar.
Scatec Solar's second quarter consolidated revenues were NOK 376 million (286), and EBITDA (earnings before interest, tax, depreciation, amortisation and impairments) reached NOK 290 million (212).