Scatec Solar added 400MW to the project backlog with the signing of 25-year PPAs for six projects in Egypt. With these additions, the total backlog reached 1,131MW.
First quarter consolidated revenues reached NOK 276 million, up from 228 million in the same period last year. Consolidated EBITDA reached NOK 222 million, up from NOK 165 million last year. The year on year increase in revenues is mainly explained by additional revenues from the new plants in Jordan and a strengthening of ZAR/NOK of 17%.
Power production reached 156GWh in the first quarter, up 12% from same quarter last year, excluding the sold Utah plant, and down 7% from previous quarter due to seasonally lower production South Africa.
"In the first quarter we have made further development progress, and with a project backlog of 1,131 MW we are on track to reach our growth targets for 2018. With NOK 380 million of equity and with a cash position of NOK 665 million we have funding for planned equity investments in our project backlog" says Scatec Solar's CEO, Raymond Carlsen.