Scatec boosted by new hydropower assets and completion of solar parks

Facebook
Twitter
LinkedIn
Reddit
Email
Scatec’s 40MW Mocuba solar project in Mozambique. Image: Scatec.

Scatec posted an improved first-quarter financial performance, boosted by the completion of new solar projects and the closing of its acquisition of hydropower developer SN Power.

The Norway-headquartered independent power producer recorded revenues of NOK1.01 billion (US$121.6 million), up 17% year-on-year, while earnings jumped 83% to NOK 636 million (US$76.6 million).

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The results were driven by the company’s power production segment, which saw its capacity increase by 1,461MW on year-end 2020, while revenues and earnings from solar plants “remained stable” compared to the same quarter last year.

With activity from Scatec’s development and construction unit shrinking during Q1, the power production segment accounted for more than 90% of the company’s total revenues for the quarter.

“In our first quarter as a broader renewable company, we are pleased to report stable operations as well as strong growth in power production and cash flow,” said Raymond Carlsen, CEO of Scatec.

This year will see Scatec break ground on solar projects in markets such as Brazil, Tunisia, Pakistan and South Africa. The company’s under-construction PV portfolio has a combined capacity of 479MW, while its backlog currently totals 641MW. With COVID-19 impacting markets where the firm develops projects, it said it expects some delays in energising some of the plants.

The positive financial results follow publication of the company’s new expansion plan that will see it invest NOK100 billion (US$11.7 billion) and aim to reach a 15GW renewables portfolio by 2025. More than 5GW of those additions are expected to be solar PV.

As well as Brazil, Vietnam and South Africa, Scatec is aiming to increase its solar presence in India, with the company currently on the lookout for partnerships in the country. Terje Pilskog, EVP of solar and wind project development at Scatec, told PV Tech last month that the firm is looking to develop its own solar portfolio and enter collaborations with developers that already have projects installed in the country.

While there has been limited information to date regarding Scatec’s plans to colocate floating solar projects with SN Power hydropower facilities, the company revealed in its Q1 results presentation that it has an opportunity to add hydro capacity in Africa and install a floating PV plant on the reservoir next to it.

Read Next

June 27, 2025
Japanese power company Jera has formed a joint venture (JV), MUJI Energy, with Japanese retailer Ryohin Keikaku to develop solar PV projects.
June 24, 2025
Independent power producer (IPP) Recurrent Energy has secured €61.5 million (US$71.4 million) in financing for its Italian renewables portfolio.
June 16, 2025
Independent power producer (IPP) Scatec has raised US$479 million for its Obelisk hybrid solar and battery storage project in Egypt.
May 19, 2025
Premier Energies has partnered with Sino-American Silicon Products Inc to establish a 2GW per annum silicon wafer manufacturing facility in India.
May 19, 2025
Solar manufacturer T1 Energy has revised down its guidance for 2025 due to near-term trade policy uncertainties.
May 19, 2025
IPPs across Europe are rapidly adapting their business models as negative power prices become increasingly prevalent.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico