Scatec establishes 1.5-GW annual capacity goal, to sharpen concentrate on H2

Sep 29, 2022 10:38 AM ET
  • Norwegian renewable power producer Scatec ASA (OSL: SCATC) will certainly aim to invest NOK 10 billion (USD 924.1 m/EUR 956.5 m) of equity in order to add around 1.5 GW of fresh capacity annually in the direction of 2027 under its upgraded method, bringing into focus emerging markets as well as green hydrogen.
Scatec establishes 1.5-GW annual capacity goal, to sharpen concentrate on H2
Image: Scatec Solar

Particularly, the firm will seek to more increase its renewable energy service, while paying better focus to specific markets such as South Africa, Brazil, the Philippines, Hydro-Africa, Egypt, India, as well as Poland. Most of the allocated funds will certainly be alloted for projects in these focus areas, Scatec claimed on Thursday.

Generally, the business's strategy is to focus on larger projects in the key markets and keep "an opportunistic approach" in various other locations.

In regards to innovation, Scatec means to proceed building wind, solar and hydropower plants and also combine its organization so as to catch additional value. At the same time, it will certainly escalate work on green hydrogen efforts by releasing projects in "prime locations" across the target arising markets.

"Scatec is a development business with a solid performance history as well as ambitious targets. We aim to be a leader in establishing, possessing, and also running renewable energy and green hydrogen across our focus markets," said chief executive officer Terje Pilskog.

Currently, the Norwegian company has 4.6 GW of capacity in operation and unfinished globally. According to the firm's price quotes, its investment strategy in the direction of 2027 will certainly include some NOK 3 billion to its annual proportionate power production earnings prior to passion, tax, depreciation and amortisation (EBITDA).

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