Consolidated revenues reached NOK 281 million, up from 202 million in the same period last year and up from NOK 213 million in the previous quarter. EBITDA reached NOK 222 million, up from NOK 159 million last year and up from NOK 153 million in the previous quarter.
Power production reached an historical high this quarter with 222GWh, up from 183GWh previous quarter and more than a doubling year on year. Seasonally higher production in South Africa and production from new plants in Jordan led to the higher production quarter on quarter. New 33MW in Jordan reached commercial operation in the quarter, increasing total operating capacity to 426MW.
"We report solid results for the third quarter 2016 mainly driven by revenue growth from production of new plants in Jordan and seasonally higher production in South Africa. We continue to work systematically towards financial close of our backlog projects and secure off take agreements for projects in pipeline", says Scatec Solar's CEO, Raymond Carlsen.
Scatec Solar develops, builds, owns and operates large scale solar power plants. Scatec Solar's proportionate share of cash flow to equity across these business activities reached NOK 29 million in the third quarter 2016, compared to NOK 37 million in the same period last year and NOK 31 million in the previous quarter.
During the third quarter, Scatec Solar entered into an agreement to sell the Utah Red Hills plant with expected gross proceeds of NOK 230 million.
The current project backlog stands at 422MW, while project pipeline comprises projects with a combined capacity of 1,126MW, while the project opportunities now hold a combined capacity of 2,358MW across Americas, Africa, Asia and Middle East.