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.
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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.