Oslo, Norway – Scatec ASA reported a strong first quarter in 2024, showcasing significant achievements in the renewable energy sector. The company’s quarterly presentation highlighted key milestones, including the successful inaugurations of projects in Brazil and South Africa. With solid financial results, Scatec ASA demonstrated its commitment to its growth strategy and sustainability goals.

During the quarter, Scatec ASA saw proportional revenues reaching NOK1.2 billion and EBITDA hitting NOK848 million. The company also achieved significant progress in its construction projects, moving 681 megawatts into operation and initiating construction on 333 megawatts of new projects. Additionally, Scatec ASA improved its debt maturity profile by issuing bonds and refinancing existing loans.

The company’s launch of Lyra Energy, a C&I platform in South Africa, marked a strategic move into the growing deregulated private energy market there. Scatec ASA celebrated the completion of its largest construction program to date and highlighted the contributions of its project teams to the success of various projects worldwide.

In terms of financial performance, Scatec ASA reported a 37% increase in EBITDA in the Power Production segment, driven by the start-up of key projects like Mendubim, Sukkur, and Kenhardt. The company also recognized positive contributions from various regions, including Ukraine and the Philippines.

Looking ahead, Scatec ASA is focusing on continued growth through its disciplined, self-funded strategy. Construction has begun on new projects in South Africa and Botswana, further solidifying the company’s position as a leader in renewable energy development. With a robust pipeline of projects and a strong track record in key markets, Scatec ASA remains optimistic about its future prospects.

In terms of financial outlook, Scatec ASA has updated its guidance based on the strong start to the year. The company expects continued growth in its Power Production segment and remains committed to its self-funded growth plan. With a focus on sustainability and innovation, Scatec ASA is poised to make further strides in the renewable energy industry.