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Norway-based independent power producer, Scatec, has reported a notable financial turnaround, posting a net profit of NOK724 million ($70 million) in the fourth quarter (Q4) of 2023. This impressive figure marks a significant improvement from a loss of NOK433 million ($41.5 million) reported in the same quarter a year ago. The positive shift in fortunes is attributed to the company's strategic asset sales during the quarter, as part of its efforts to streamline operations. Scatec, known for owning and operating diverse renewable energy projects worldwide, witnessed substantial gains from the sale of a 40 MW solar plant in Mozambique and the divestment of 32% of its shares in Release, a solar plant leasing firm. These transactions contributed an additional NOK 532 million (~$51 million) to the net income in Q4. The company's quarterly revenue showed a robust 12% increase, reaching NOK906 million ($87 million) compared to NOK773 million ($74 million) in the previous year. The positive revenue trend was buoyed by NOK75 million (~$7.2 million) in insurance proceeds in Ukraine. Despite a reduction in power production to 811 GW in Q4 from 979 GW last year, mainly due to divestments in South Africa, Argentina, and Mozambique, as well as lower production in the Philippines, Scatec's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the Development and Construction (D&C) segment experienced a remarkable turnaround. The segment's EBITDA reached NOK7 million ($671,000), compared to a negative EBITDA of NOK20 million ($1.9 million) in the same quarter last year. This positive shift was fueled by the implementation of a cost-efficiency program and a strong gross margin. In a major milestone, Scatec successfully completed the construction of Kenhardt, its largest project to date, in Q4. The project comprises a 540 MW solar facility and a 225 MW battery storage system in South Africa. Looking at the full-year results for 2023, Scatec reported a net profit of NOK1.12 billion ($107 million), a significant turnaround from the loss of NOK1.22 billion ($117 million) reported a year ago. This positive trajectory was primarily driven by divestments throughout the year, including four solar power plants across South Africa, Mozambique, Argentina, and Rwanda, contributing NOK1.27 billion (~$121.6 million) to the bottom line. The company also reported a 13% increase in full-year revenue, reaching NOK3.4 billion (~$325.5 million) from NOK3 billion ($287 million) in 2022. This rise was attributed to high construction activity and positive foreign exchange effects. Despite a 7% decrease in power production in 2023 compared to the previous year, mainly due to divestments and weaker hydrology in the Philippines, Scatec's commitment to clean energy production remained strong. The completion of the Kenhardt project and increased production in Ukraine partially offset the reduction. Scatec's CEO, Terje Pilskog, expressed pride in the achievements of the global team, stating, Throughout 2023, we delivered on our strategy, and I am proud of the achievements by our global team. We generated 3.6 TW of clean energy with no lost time incidents, while our power plants helped to avoid 3.9 million tonnes of greenhouse gas emissions. However, Scatec's net profit in the previous quarter experienced a 72% decline compared to the previous year, primarily due to increased operating expenses associated with a claim from the National Irrigation Administration in the Philippines related to water fee charges for previous periods related to the lease of the Magat Dam. The company's EBITDA for the year was also impacted by 11.7% due to the war in Ukraine and lower water inflow leading to reduced power production in Laos in 2022.