Fourth quarter 2022: Optimising portfolio and preparing for further growth


Oslo, 3 February 2023: In the fourth quarter 2022, Scatec’s proportionate revenues rose by 71 percent to NOK 1,995 million (1,169), with a 15 percent increase in EBITDA to NOK 786 million. Power production was 979 GWh (1,047) and the proportionate power production EBITDA rose to NOK 821 million (763), driven by the Philippines.

Refinancing, portfolio optimisation and growth
On 2 February 2023, Scatec refinanced USD 100 million of its USD 193 million Bridge-to-Bond facility with a new term loan with maturity in the fourth quarter of 2027 provided by DNB, Nordea and Swedbank, and extended its USD 180 million Revolving Credit Facility provided by the same banks and BNP Paribas by 1.5 years with maturity in the third quarter of 2025.

On the same day, Scatec signed an agreement to sell the Upington solar plants in South Africa for a contribution of NOK 569 million.

“The fourth quarter and the start of 2023 have been busy in many aspects. We increased proportionate power production EBITDA by 8 percent and continued to deliver on our growth strategy by progressing on our construction projects in Brazil, South Africa, and Pakistan. In addition, we signed an agreement to sell Upington in South Africa and we will reinvest the proceeds into new clean energy projects. We also refinanced part of our corporate facilities and welcomed new executive management members to the team during November. We are excited to embark on our journey together and ready to seize new opportunities,” says Scatec CEO Terje Pilskog.

Power Production
Proportionate revenues in the Power Production segment increased by NOK 189 million to NOK 1,262 million compared to the same quarter last year, driven by higher power sales at higher power prices in the Philippines, higher revenues from Ukraine, contribution from new Release assets in Cameroon, and positive foreign currency effects. These effects were partly offset by lower revenues in Laos largely because of lower water inflow.

Power production in the Philippines ended 19 percent above the same quarter last year and above the contracted sales volumes as expected. Excess production volumes were sold in the power market at high prices. Total power production EBITDA increased by approximately 8% to NOK 821 million (763).

Development and Construction
Development and construction revenues reached NOK 627 million in the fourth quarter, generated from the projects under construction in South Africa, Brazil, and Pakistan. The gross margin for the period was 10 percent, and the remaining non-booked contract value was approximately NOK 7.8 billion.

The project pipeline and backlog are 16.7 GW across renewable technologies, and 86 percent are held in our focus markets. During the quarter Scatec signed a power purchase agreement for the three solar Grootfontein projects in South Africa.

Consolidated profit and loss
Scatec’s fourth-quarter consolidated revenues were NOK 993 million (1,039), with an EBITDA of NOK 689 million (775). The reduction in EBITDA is mainly explained by lower contribution from JVs and associated companies and increased operating expenses. The net loss for the quarter was NOK 433 million (136), mainly due to net financial expenses of NOK 875 million of which interest expenses of NOK 414 million and unrealised currency losses of NOK 461 million.

In line with the existing dividend policy, the Board of Directors have resolved to propose to the Annual General Meeting a dividend of NOK 1.94 per share, totalling NOK 308 million to be paid in May 2023. Going forward, to support Scatec’s growth ambitions while retaining the Group’s objective to pay shareholders dividends, the Board of Directors have further decided  to pay 15% of cash distributions received from operating power plants (down from 25% previously). The dividend will be assessed annually by the board based on Scatec’s capital situation.

Scatec’s role on the pathway to net zero
It is a critical time for renewable energy companies, and we have an important role to play in helping the world achieve its climate targets. Reducing greenhouse gas emissions to our atmosphere will require investment, innovation, technology, and a massive cultural shift.

“We believe that emerging markets are essential in this journey, and we create opportunities for these markets through renewable energy – not only as they work towards the clean energy transition, but also to boost their economies, create jobs and meet growing energy needs,” concludes Pilskog.

Additional information
Proportionate historical financial information on a country-by-country level is attached to the stock exchange notice.

A presentation of the results, followed by a Q&A session will be held at Scatec’s headquarters at Skøyen Atrium III (1st floor), Askekroken 11, 0277 Oslo, today at 09:00 am CET. You can also follow the presentation and Q&A session from our website, or this direct link: Scatec Webcast Q4 2022.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,

For media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959,

About Scatec  
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own and operate renewable energy plants, with 4.6 GW in operation and under construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our close to 800 passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit or connect with us on LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act