Oslo, Norway headquartered solar develops and IPP turned renewable energy company Scatec ASA started the year 2021 on a good note completing its planned acquisition of hydropower power company SN Power in Norway. This take over lifts its cumulative project pipeline and backlog to 10.5 GW, growing from 7 GW it reported for the period ending Q3/2020 (see Scatec's Project Pipeline Swells To Over 7 GW). However, the company exited 2020 with a net loss of NOK-368 million ($-43 million), while its net loss for Q4/2020 added up to NOK-561 million ($-65 million).
Q4/2020
During Q4/2020, Scatec's consolidated revenues grew to NOK 679 million ($79 million), increasing from NOK 568 million in Q4/2019 with slight increase in EBITDA reaching NOK 448 million ($52 million). Power production during the reporting quarter was 756 GWh, compared to 536 GWh reported a year back. The company added 800 MW to its project pipeline thanks to new projects in South Africa and Vietnam.
On a proportionate basis, its revenues were a total of NOK 497 million and EBITDA of NOK 223 million, with power production of 407 GWh, growing 37% from the same quarter in 2019.
The Norwegian company completed all its under construction projects before Q4/2020 leading to limited development & construction revenues during the quarter.
2020
Scatec's full year 2020 consolidated revenues grew to NOK 2.75 billion ($321 million), vis-à-vis NOK 1.78 billion during 2019, while the group's EBITDA of NOK 2.07 billion ($241 million) exceeded NOK 1.38 billion the company reported in 2019 (see Scatec Solar's 2019 EBITDA Highest Ever For Company). In 2020, Scatec grew its total operational capacity by 381 MW for power plants in operation to 1,574 MW.
Speaking of proportionate revenues, Scatec reported this to have reached NOK 2.84 billion with an EBITDA of NOK 1.3 billion.
Guidance
For Q1/2021, Scatec has guided for its proportionate power production from operational power plants, excluding those of SN Power, to be 425 GWh to 445 GWh, while in 2021 it expects this to grow to a total of 1,750 GWh to 1,790 GWh. On 100% basis these numbers should jump to 770 GWh to 800 GWh, and 3,120 GWh to 3,220 GWh, respectively.
Service revenues are expected to reach NOK 270 million ($31.5 million) in 2021 with an EBITDA margin of around 30%.
By the end of 2021, Scatec continues to target an installed capacity of operational or under construction projects at 4.5 GW, independent of SN Power's assets. It will be sharing a broadened growth strategy for the group during its Capital Markets Update on March 23, 2021.