Norwegian independent power producer (IPP) Scatec has registered a consolidated revenue of NOK1.15 billion (US$100 million) for the last quarter of 2024, down from the same period a year prior.
During the same period a year ago, the company registered revenues of NOK1.62 billion. This drop is higher on a quarterly basis, with revenues more than halving from the record NOK2.97 billion registered in Q3 2024.
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For the full year, Scatec’s revenue reached NOK6.57 billion, up from the NOK4.72 billion registered in 2023. The Norwegian IPP ended the year with a year-on-year increase in net profit, from NOK1.12 billion in 2023 to NOK1.49 billion in 2024.
The Norwegian IPP also announced a contemplated issuance of a new expected NOK1 billion (US$88 million) green bond to extend its corporate maturity profile.
The proceeds will be used to repay a €114 million (US$117 million) green bond due in August 2025. This was unveiled the same day as the company released its financial results for the fourth quarter of 2024.
In terms of solar PV development, the company was awarded solar capacity in several countries during Q4 2024, including Romania’s Contract for Difference for a 190MW solar PV portfolio. In South Africa, the company was awarded a 20-year power purchase agreement (PPA) for a 288MW solar PV project.
Scatec also started construction on several solar PV projects in Q4 2024. In Brazil, the company started construction on a 142MW PV plant; while in Botswana, an additional 60MW of solar PV is under construction, bringing the total capacity of the PV project to 120MW. In South Africa, the company began work on a 103MW energy storage project.
Overall, the Norwegian IPP’s renewables portfolio of projects under construction stood at 800MW at the end of 2024, while its backlog ended the year at 1.9GW. Among other projects under construction is a 120MW solar PV portfolio in Tunisia for which Scatec partnered with Aeolus, part of the Japanese trading company Toyota Tsusho Group.
Furthermore, Scatec had 4.2GW of renewables operational capacity at the end of the year bringing the company’s near-term portfolio to 6.9GW – including its backlog and under construction portfolio. Solar represents the majority of that near-term portfolio with 73%.
“2025 arrives with continued high levels of unpredictability in terms of the global geopolitical landscape. Despite these challenges, our core markets remain resilient, and we see continued attractive growth opportunities. Renewable energy is fundamentally the most competitive source of new electricity generation in our target markets, and the growth in electricity demand is a strong global trend,” said Scatec CEO, Terje Pilskog.
