Norwey’s Scatec saw EBITDA of NOK 55 million ($1/NOK 8.8759) in Ukraine in the first half of 2021, which is 34.1% more than in the first half of 2020.
According to the company’s report on Friday, its revenue grew by 47.8%, to NOK 68 million, while net production increased by 75%, to 49 GWh, and OPEX increased 2.6 times, to NOK 13 million.
At the same time, negative cash flow to equity amounted to NOK 3 million versus positive NOK 15 million in the first half of last year.
Scatec said that in the second quarter of this year compared to the second quarter of last year, its EBITDA in Ukraine increased by 11.4%, to NOK 39 million, revenue rose by 26.3%, to NOK 48 million with an increase in net production was 54.5%, to 34 GWh, while OPEX tripled to NOK 9 million.
In the second quarter, the company managed to reach a positive free cash flow on equity of NOK 7 million, which, however, is more than twice less than in the second quarter of last year – NOK 16 million.
According to the report, the Rengy, Chigrin, Kamianka and Boguslav projects in Ukraine that failed to meet certain loan covenants on 31 March 2021 are compliant with all covenants on 30 June 2021. The non-current non-recourse debt of NOK 921 million in Ukraine which was classified as current on 31 March 2021 have been reclassified back to non-current in the statement of financial position on 30 June 2021
Scatec also said that the 148 MW Progressovka project and the 55 MW Chigirin project in Ukraine reached commercial operation in early July 2021. The Progressovka project has been a collaboration with PowerChina Guizhou Engineering Co. Ltd., who has provided construction financing and Engineering Procurement and Construction (EPC) services to the project. The Construction financing from PowerChina is classified as trade and other payables in statement of financial position, and amounts to NOK 671 million on 30 June 2021. The loan is due 1 June 2022 and Scatec is working on securing long term financing with a local or international bank group.
In general, in the first half of 2021, Scatec increased EBITDA by 93.3%, to NOK 1.363 billion with an increase in revenue by 2.2 times, to NOK1.892 billion and net production by 2.3 times, to 1,714 GWh.
As reported, the total capacity of solar generation facilities built by Scatec in three regions of Ukraine has reached 314 MW.
Scatec is headquartered in Oslo, Norway. The company is listed on the Oslo Stock Exchange under the ticker SCATC. The largest shareholders are state-controlled Equinor ASA (formerly Statoil) with 13.08%, Scatec Innovation AS with 12.26% and the manager of state pension funds of Norway Folketrygdfondet with 8.97%.