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

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on 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

September 20, 2021
A subsidiary of Indian utility Tata Power has received a letter of intent to set up a 250MW grid-connected solar project in the state of Maharashtra.
September 17, 2021
US utility company Dominion Energy Virginia has proposed 15 new energy projects totalling 1GW of power for the state, which Dominion Energy claimed was the largest group of projects to be submitted to the Virginia State Corporation Commission (SCC)
September 17, 2021
A 58.5MW floating PV plant in Thailand, said to be the largest install of its kind in the country, has been connected to the grid, according to inverter and floating solutions supplier Sungrow.
PV Tech Premium
September 16, 2021
Spencer Jansen, head of new technology solutions at developers Hive Energy and Ethical Power, assesses how the introduction of large-format solar modules has had repercussions throughout the solar design and procurement process.
PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.
September 14, 2021
The Senate of Illinois has passed legislation that will commit the US state to reaching 50% renewables by 2040 and 100% carbon-free electricity by 2045.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021