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

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

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

January 18, 2022
Prefabricated solar solutions manufacturer 5B is looking to improve the scalability and cost of its technology through an AU$33.4 million (US$24 million) innovation programme and support from the Australian Renewable Energy Agency (ARENA).
January 18, 2022
Hive Hydrogen and Linde plc have teamed up to establish the “world’s largest green ammonia export plant” in Nelson Mandela Bay, South Africa that will have a 780,000 ton/year production capacity.
January 17, 2022
US independent power producer DESRI is planning to raise up to US$100 million in an initial public offering (IPO) that will see the company listed on the Nasdaq.
PV Tech Premium
January 14, 2022
Raising more than US$1 billion in equity capital in the past year, US independent power producer (IPP) Silicon Ranch is looking to expand its model of developing, owning and operating large-scale PV plants while maintaining a strategy of co-locating projects with regenerative agriculture.
January 12, 2022
A newly launched independent power producer (IPP) from clean energy fund manager Glennmont Partners is to develop a 473MWp portfolio of solar PV plants in Spain.
January 11, 2022
Solar PV power generation in Vietnam could about to be maximised through the integration of battery energy storage systems (BESS), with consultancy AqualisBraemar LOC Group (ABL Group) hired to conduct feasibility studies across multiple PV plants following curtailment issues in the country.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal