Scatec Solar is now jacking up its EBITDA expectations for power production in 2024 to NOK 3.75-4.05 billion. Just one quarter ago, the company predicted an EBITDA of 3.4-3.7 billion this year.
They explain the increase with developments in the first quarter, exchange rates per the end of the first quarter and an inclusion of the Services segment. It is also pointed out that the estimate also reflects a normalization to P50 production in the second half of 2024 in the Philippines from the ongoing El Niño phenomenon.
The proportional power production is still expected to end at 4,200-4,600 GWh this year.
Exceeds expectations
In the first quarter, Scatec had a proportional EBITDA of NOK 848 million, up from NOK 765 million in the first quarter of 2023. According to TDN Direkt, an EBITDA of NOK 644 million was expected in advance.
The proportional income for power production ended in the first quarter at NOK 1.06 billion, compared to NOK 885 billion in the same period last year.
During the period, the company’s power production grew to 901 GWh, up from 887 GWh in the first quarter of 2023.
EBITDA for power production ended at NOK 870 million. This corresponds to an increase of 23 per cent from the same period last year, and the contribution from the company’s new operating facilities was the main driver here.
During the first three months of the year, the company completed its largest construction program ever, and during the period reached commercial operation for the plants in Mendubim in Brazil and Sukkur in Pakistan.
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Tags: Scatec raises expectations
