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

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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.

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.

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