Scatec hails ‘transformational’ 2020 as renewables pipeline hits record 10.5GW

Facebook
Twitter
LinkedIn
Reddit
Email
The Dreunberg solar farm in South Africa, developed by Scatec, where the company continues to expand. Image: Scatec.

Scatec said it underwent a “transformational” year in 2020, with its total renewables pipeline now standing at a record high of 10.5GW.

Reporting its full-year financial performance, independent power producer Scatec – rebranded from Scatec Solar following the acquisition of hydropower developer SN Power – revealed its total project pipeline, including projects nearing development within its backlog, now amounted to 10.5GW.

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

While the addition of SN Power projects, added to the pipeline after the closure of the transaction late last month, bolstered Scatec’s pipeline by 2.5GW, further additions of around 800MW in high-growth solar markets including South Africa and Vietnam have also been made.

Raymond Carlsen, CEO at Scatec, said the company had made its “greatest expansion” since its establishment while also broadening its growth strategy.

“With SN Power, we are adding solid hydropower assets, our first wind farm and an attractive project pipeline as well as significantly increasing scale and cash flow from operating plants,” he said.

News of the pipeline record came as total revenues and earnings fell in 2020, reflecting a year in which construction activity fell. Scatec recorded revenues of NOK2,844 million (US$330 million) and earnings before interest, tax, depreciation and amortisation (EBITDA) of NOK1,306 million (US$152 million).

Power generation is, however, continuing to grow at pace. Scatec assets produced 407GWh of power in Q4 2020, up 37% year-on-year, and contributing towards total generation of 1.6TWh throughout the year.

This figure is expected to grow to between 1.75 and 1.79TWh in proportionate terms, but could reach 3.2TWh on a 100% basis, Scatec’s preliminary short term guidance shows.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 28, 2024
Seattle, USA
Solar Media Events, Industry Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA