Scatec Solar raises US$500m to pay down SN Power deal, bolster growth capital funds

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The Upington Solar Complex completed by Scatec Solar. Image: Scatec Solar.

Scatec Solar has raised more than US$500 million in a private placement just days after it announced the US$1 billion acquisition of hydropower firm SN Power.

The Norwegian independent power producer (IPP) confirmed yesterday its intent to conduct a private placement of shares for both new and existing investors, raising proceeds to, at least in part, cover some of the transaction costs.

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Scatec Solar announced last week that it had struck a deal to acquire hydropower developer SN Power for US$1.1 billion, confirming its intent to become a more versatile renewable IPP while also lauding the potential to develop floating solar on hydropower reservoirs.

In a statement issued this morning (21 October), Scatec Solar confirmed that it had allocated more than 20.6 million shares at a subscription price of NOK230 (US$25) per share, raising gross proceeds of around NOK4,750 million (US$514 million).

A further placement of more than 2 million shares is being eyed, subject to shareholder approval.  

Net proceeds from the placement – which are still to be determined owing to various approval procedures – will be used to refinance around US$300 million of acquisition facilities provided by BNP Paribas, DNB Bank, Nordea Bank, filial i Norge and Swedbank, used to acquire SN Power.

Those facilities total US$700 million, with Scatec set to part pay down that line of debt.

Remaining proceeds from the placement will be used as growth capital and to pay for general corporate purposes, the company said.

The placement comes just over a year after Scatec Solar raised more than US$140 million through a similar offering, and less than a year after energy giant Equinor increased its stake in the IPP.

It also taps into a growing trend of solar companies from across the value chain tapping into financial markets for growth capital. Tracker firms have been especially busy of late with Arctech, Soltec and Array Technologies all launching IPOs, while this year has also seen offerings launched from the likes of Daqo and GoodWe, amongst other manufacturers.

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.

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