Scatec Solar raises US$200 million to fuel multi-gigawatt pipeline pursuit

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Scatec Solar.

Norwegian solar developer Scatec Solar has raised around US$200 million through a private placement, which it will use to pursue new project development.

Yesterday (18 May) the firm revealed that it had retained a number of banks to serve as joint bookrunners on a private placement of some 12 million new shares, representing just shy of 10% of outstanding capital in the company.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Total proceeds amounted to NOK 1,968 million (US$197 million).

The net proceeds from the private placement are to be used to fund further investments in renewables projects, the company said.

Scatec Solar is currently sitting on a significant pipeline of solar assets amounting to more than 5.3GW.

A further 400MW of projects is currently under construction, most of which is awaiting clearance to commence full operations after experiencing delays related to the ongoing pandemic.

Scatec Solar chief executive Raymond Carlsen committed to purchase around NOK 5 million (US$500,000) of shares through his own company – Argentos – while state-backed energy giant Equinor had also undertaken to subscribe for additional shares in certain conditions.

Earlier today the firm announced that the private placement had been completed, with all 12 million new shares allocated at a subscription price of NOK 164 (US$16.40). Scatec Solar also revealed that the placement was “significantly oversubscribed”.

Scatec Solar’s current market capitalisation stands at around NOK 20.6 billion, equivalent to around US$2 billion.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

October 6, 2025
US utility AES Corporation is reportedly in discussions to be acquired by Global Infrastructure Partners (GIP), a subsidiary of global asset owning giant BlackRock.
October 3, 2025
SunStrong Management has raised US$900 million to refinance a 'large portfolio' of residential solar assets developed by SunPower.
October 3, 2025
Chinese government policies and supply-side production cuts will drive a significant increase in solar and storage component costs.
September 29, 2025
German renewables developer ABO Energy is looking to begin owning and operating its energy projects in a transition from a “pure play” developer to an independent power producer (IPP) model.
September 26, 2025
Residential solar and energy storage could meet all the projected demand from US data centres over the next five years if tech companies invest in household energy infrastructure.
September 26, 2025
The New South Wales (NSW) government has committed AU$28 million (US$18.3 million) to establish a new Renewables Manufacturing Hub in Blacktown, Western Sydney, Australia.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland