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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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.

Read Next

PV Tech Premium
March 4, 2021
An exclusive recording from our Solar Finance & Investment Europe event, featuring a panel discussion on the future of the solar industry.
February 24, 2021
Microinverter supplier to use proceeds to repurchase notes due 2024 and 2025 as well as other corporate purposes
February 15, 2021
Longroad Energy to acquire ~900MWdc of solar, with battery storage additions also to be considered.
February 11, 2021
Oil and gas major Shell has said it will spend between US$2 billion and US$3 billion on renewables and energy solutions annually to help it attain net zero status by 2050.
February 8, 2021
Major inverter manufacturer SMA Solar Technology has reported preliminary full-year 2020 financial results which met the low end of guidance but also reported a slight decline in fourth quarter sales coupled to plummeting gross margins.
PV Tech Premium
February 8, 2021
Europe’s solar financing market is evolving at rapid speed, driven by changing dynamics and aided by technological advancements at the asset level. Here PV Tech re-caps the five most significant takeaways from the conference’s opening days.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021