Norwegian renewable energy developer Scatec has started commercial operation of 150MW solar PV plants in Pakistan.
The solar PV projects boast an annual generation capacity of 300GWh. Scatec signed a 25-year power purchase agreement (PPA) with the Central Power Purchasing Agency of Pakistan to supply energy in the South Asian country.
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Scatec holds 75% interest in the projects and provides operation, maintenance and asset management services to the power plants. The remaining ownership share is held by Scatec’s local partner and solar company Nizam Energy.
Recently, Scatec CEO Terje Pilskog said that the decrease in solar module and battery energy storage system (BESS) prices over 2023 had made renewables projects “more competitive than ever” for developers when the company announced its financial results.
In the company’s earnings call, Pilskog said: “Solar PV module prices decreased by 45% and energy storage systems by 24% last year alone, and both are now at all-time lows.”
The company posted EBITDA from its operating assets of NOK3.2 billion (US$306 million) over the year and generated around 3.6TWh of renewable power. It also recorded NOK8.2 billion in revenues from its development and construction operations over the year.