Scatec Solar prepares Oslo IPO, targets 750MW by 2016

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Scatec Solar, the Norwegian company that this year has announced the construction of PV plants in territories including Jordan, Rwanda and South Africa, has announced plans to list on the Oslo Stock Exchange.

The company, which in addition to developing and performing engineering, procurement and construction (EPC) duties for large solar power plants then retains ownership of projects and sells the electricity as an independent power producer (IPP), is seeking to raise equity for further growth and increase its access to capital.

Speaking to PV Tech by telephone, the company’s CEO Raymond Carlsen referred to recent successes in a spread of territories for Scatec, and said a successful IPO would not alter the company’s course from the path it had recently trod. This includes projects developed and owned in Rwanda, South Africa, Jordan and the US state of Utah where the company is currently developing 104MW of generation assets.

“We have been fairly successful lately and we have been growing quite rapidly. Right now we have ownership in 220MW of power plants, mostly in South Africa,” said Carlsen.

“We intend to accelerate our growth, through the injection of more capital to grow the company to an installed capacity of 750MW by the end of 2016.”

Carlsen confirmed that the aim of the IPO would be to allow Scatec’s growth to accelerate.

“Until now we have financed all the equity, all the investments, through the cash and the profit has been gotten from development and the EPC activities. We develop, we build and then we stay on as an IPP, for the remaining part of the contractual period which is only 20 years.”

In February, Carlsen said that a 8.5MW PV plant in Rwanda, the first PV plant to be connected in East Africa, was “part of a larger strategic picture for Africa” for Scatec. The company already owns around 200MW of generation assets in South Africa, with another plant to be connected next month.

Scatec released its financial results for the second quarter of 2014 on Monday. The company reported Q2 revenues of NOK93 million (US$15.0 million), an improvement of 65 million (US$10.5 million) on the same period last year, as well as operating profit of NOK35 million (US$5.7 million), which showed a big upward swing on Q2 2013, when operating profit stood at NOK16 million (US$2.6 million). In its report Scatec said the company “expects continued growth and improved profitability in the second half of 2014, based on already grid-connected production capacity and successful completion of projects under construction”.

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