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November 28, 2015 1:42 AM ET

Independent Power and Renewable Electricity Producers

Company Overview of Scatec Solar ASA

Company Overview

Scatec Solar ASA operates as an integrated independent solar power producer worldwide. The company operates through three segments: Power Production, Operation and Maintenance, and Development and Construction. It is involved in the project development and design, financing, engineering, procurement, construction management, operation and maintenance, and asset management of solar photovoltaic power plants. The company operates three solar power plants with a total capacity of 190 MW in South Africa; four plants with a total capacity of 20 MW in the Czech Republic; and one 8.5 MW solar plant in Rwanda. Scatec Solar ASA was founded in 2007 and is headquartered in Oslo, Norway.

Karenslyst Allé 49

Oslo,  0279


Founded in 2007

92 Employees


47 48 08 55 00

Key Executives for Scatec Solar ASA

Chief Executive Officer
Age: 60
Total Annual Compensation: $2.5M
Chief Financial Officer
Total Annual Compensation: $1.1M
Executive Vice President of Project Development & Project Finance
Total Annual Compensation: $1.8M
Executive Vice President of Power Production & Asset Management
Total Annual Compensation: $1.7M
Executive Vice President of Business & People Development
Total Annual Compensation: $1.5M
Compensation as of Fiscal Year 2014.

Scatec Solar ASA Key Developments

Scatec Solar ASA and Norfund Agree to Buy the 53-MW Los Prados Solar Project in Honduras' Southern Choluteca Region Close to the Pacific Coast

Scatec Solar ASA and Norfund have agreed to buy the 53-MW Los Prados solar project in Honduras' southern Choluteca region close to the Pacific coast. Scatec announced the deal on saying it will build, own and operate the USD 100 million facility. Scatec anticipates to achieve financial close for the project in early 2016. It expects to secure funds from the Central American Bank of Economic Integration and Export Credit Norway with guarantee from the Norwegian Export Credit Guarantee Institute. Scatec will start certain construction activities right away and expects to connect the completed plant to the grid during the third quarter of next year. Upon completion, the Los Prados solar park will be generating an estimated 110,000 MWh of electricity per year and some USD 15 million in annual revenues. It has a 20-year power purchase agreement in place with Empresa nacional de Energa Electrica (ENEE).

Scatec Solar ASA Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Production Guidance for the Fourth Quarter of 2015 and Full Year of 2015

Scatec Solar ASA reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the third quarter, the company reported total revenues were NOK 204.21 million against NOK 132.2 million a year ago. EBITDA was NOK 159 million against NOK 79 million a year ago. Operating profit (EBIT) was NOK 113.1 million against NOK 51.421 million a year ago. Profit before income tax was NOK 26 million against NOK 13 million a year ago. Earnings per basic and diluted share were NOK 0.03 against a negative of NOK 0.08 a year ago. Profit attributable to equity holders of the parent was NOK 3,253 million against a loss of NOK 5,375 million a year ago. Negative net cash flow from operating activities was NOK 30.467 million against NOK 258.4 million a year ago. For the nine months, total revenues were NOK 634.6 million against NOK 282.14 million a year ago. EBITDA was NOK 483 million against NOK 160 million a year ago. Operating profit (EBIT) was NOK 360 million against NOK 97 million a year ago. Profit before income tax was NOK 129 million against NOK 54 million a year ago. Net interest bearing debt was NOK 4,091 million against NOK 2,429 million a year ago. Net cash flow from operating activities was NOK 584.280 million against negative cash flow of NOK 137.604 million a year ago. Basic and diluted earnings per share were NOK 0.44 against a negative of NOK 0.11 a year ago. Profit attributable to equity holders of the parent was NOK 41,338 million against a loss of NOK 6,930 million a year ago. The company target to own gross production of 750 MW by end of 2016. Annual cash flow to SSO equity of NOK 155 million to NOK 175 million from 279 MW currently in operation (PP and O&M) - 15% to 20% gross margin from development and construction - remaining construction contract value in Jordan of USD 85 million. Target average equity IRR of 15% nominal after tax on power plant investments. For the fourth quarter of 2015, the company targets production of 140,000 MWh.

Scatec Starts Preparations in Egypt for Ultimate Delivery of 250 MW of Solar

Scatec Solar ASA announced that it has started field activities in Egypt, where it has signed agreements to take part in five projects with a combined capacity of 250 MW under the country's new feed-in tariff (FiT) photovoltaic (PV) programme. To help deliver timely construction, the Norwegian solar power producer has begun engineering and procurement activities at two solar sites in Benban and Zafarana, while waiting for the authorities to issue the required agreements and permits. As part of the preparatory work, the company is installing weather stations at the two sites and has completed topography and geotechnical studies. Scatec said it was one of the biggest players in Egypt's new solar programme and planned to invest more than USD 600 million (EUR 543 million) in the scheme over the next two years. It will be the lead developer in one of the five projects totaling 250 MW and will participate as strategic investor, engineering, procurement and construction (EPC) and operations and maintenance (O&M) provider in the rest. The company also said it had started the process to raise project finance from banks.

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