Scatec eyes 12GW of renewables additions as part of US$11.7bn expansion

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Scatec owns a minority stake in the 162MW Apodi solar park in Brazil. Image: Scatec.

Scatec has unveiled a NOK 100 billion (US$11.7 billion) plan that will see the company expand its renewables portfolio to 15GW over the next four years.

The Norwegian solar developer and independent power producer will aim to add 12GW of new clean energy capacity by the end of 2025, more than 5GW of which will be PV.

This year will see the company increase its installed renewables capacity from the current 3.3GW level to 5.9GW by the end 2021, driven by the delivery of large-scale solar projects in India, Brazil, Tunisia, South Africa and Pakistan.

In the past two years, Scatec has expanded its global footprint to 35 countries, increased its backlog and pipeline of projects to 11.9GW and acquired hydropower developer SN Power.  

“In line with our broadened strategy, we are developing renewable energy solutions and combining solar, wind, hydropower and storage to the benefit of our growing customer base of state utilities and large energy consumers,” said Raymond Carlsen, Scatec CEO.

Between 15% and 20% of investments as part of the expansion plan will be funded by Scatec equity. The company said solid long term cash flows from operating power plants and margins from the development and construction of new projects are expected to fund a major part of its equity investments.

Last year, Scatec and SN Power delivered a combined EBITDA of NOK 2.5 billion (US$292 million), up 59% on Scatec’s figure from 2019. The company is this year targeting a power production volume of 3,500-3,700GWh, an increase of 20% on last year.

Scatec also provided an update on its efforts to colocate floating PV with existing hydropower plants from SN Power. In total, the firm’s operating and under development hydropower assets are said to have 3GW of floating PV potential. The company will focus on Asia to grow its floating PV portfolio, with plans in place to install a 150MW project at a reservoir in the Philippines.

Scatec highlighted four markets – South Africa, Vietnam, Brazil and India – where it has a significant pipeline that will help it reach the 15GW target by the end of 2025.

After completing South Africa’s largest solar project last year, the company’s renewables pipeline in the country now stands at 2,250MW, including 14 PV plants. In India, meanwhile, the firm is planning to participate in future solar, wind and hybrid tenders, adding to its current 900MW pipeline in the country.

Read Next

May 26, 2022
US solar and energy storage developer Borrego will spin off and sell its development business, including its more than 8.4GW PV project pipeline, to investment firm ECP.
May 26, 2022
Spanish utility Iberdrola will invest €3 billion (US$3.2 billion) in green hydrogen, the company’s chairman, Ignacio Galán, has announced as he called for a stable European framework to boost investment in the technology.
May 26, 2022
The Solar Media Podcast returns to discuss the continued rise of TOPCon PV modules and energy storage demand throughout Europe.
PV Tech Premium
May 25, 2022
Solar EPC Sterling and Wilson believes an easing of PV module supply concerns, the rise of alternate supply chains and a gigawatt-scale green hydrogen market will drive both short- and medium-term growth for PV developers and EPCs.
May 25, 2022
Energy storage solutions provider Convergent Energy + Power has completed a solar-plus-storage plant in Upstate New York that was built as a ‘non-wires alternative’ to more expensive network upgrades.
May 25, 2022
Module price increases, higher raw material costs and logistical challenges will pull down the return on equity (ROE) for 25GW of India solar projects, with 5GW of those at high risk given when they submitted their bids.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas