Integrated solar power producer, Scatec Solar has raised its growth targets in its key markets, due to strong demand.
The independent power producer said it had raised its growth target by around 1GW to 4.5GW in operation by the end of 2021, while planning to sustain annual PV power plant project completions of over 1.5GW from 2022, onwards.
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Raymond Carlsen, CEO of Scatec Solar said, “We are raising our growth ambitions, driven by a strong solar market and a steadily increasing pipeline of high quality projects. Solar is the lowest cost source of energy across sun-rich regions, and with renewables expected to provide 50% of all power globally by 2050, we will continue to support goverments and corporates in making the shift to renewable energy.”
The company has around 1.1GW of PV power plants in operation, with a backlog and project pipeline exceeding 5.6GW.
A significant part of the current project pipeline has been secured in emerging markets with strong multi-gigawatt installation projections with around 50% of these markets expected to be utility-scale.
The company is targeting markets such as Vietnam where the company has planned portfolio of projects already exceeding 1.2GW, including a 650MW floating solar project.
Scatec has also launched ‘Release’ a complete containerised pre-assembled PV power plant with single axis trackers and bifacial modules, supplied in 0.5MW blocks that can include energy storage targeting industrial customers often dependent on diesel electricity generators in emerging markets.
Scatec is targeting annual installations of Release systems in the range of 300MW to 500MW per annum from 2022.