Scatec eyes 12GW of renewables additions as part of US$ 11.7 bn growth

Mar 23, 2021 02:15 PM ET
  • Scatec has unveiled a NOK 100 billion (US$ 11.7 billion) strategy that will certainly see the business increase its renewables portfolio to 15GW over the next four years.
Scatec eyes 12GW of renewables additions as part of US$ 11.7 bn growth
Image: Scatec

The Norwegian solar designer and also independent power manufacturer will certainly intend to include 12GW of brand-new clean power ability by the end of 2025, greater than 5GW of which will be PV.

This year will certainly see the company raise its installed renewables capability from the existing 3.3 GW level to 5.9 GW by the end 2021, driven by the distribution of massive solar projects in India, Brazil, Tunisia, South Africa and also Pakistan.

In the past two years, Scatec has broadened its international impact to 35 countries, raised its stockpile and pipeline of projects to 11.9 GW and also obtained hydropower designer SN Power.

"In line with our expanded approach, we are developing renewable resource solutions as well as incorporating solar, wind, hydropower as well as storage space to the benefit of our expanding customer base of state utilities as well as huge energy consumers," claimed Raymond Carlsen, Scatec CEO.

In between 15% as well as 20% of financial investments as part of the growth strategy will certainly be funded by Scatec equity. The company stated strong long-term cash flows from running nuclear power plant and also margins from the growth and also building and construction of new projects are expected to fund a major part of its equity investments.

Last year, Scatec and also SN Power provided a combined EBITDA of NOK 2.5 billion (US$ 292 million), up 59% on Scatec's number from 2019. The firm is this year targeting a power manufacturing quantity of 3,500-3,700 GWh, a boost of 20% on last year.

Scatec additionally provided an upgrade on its initiatives to colocate floating PV with existing hydropower plants from SN Power. In total amount, the firm's operating and also under development hydropower assets are said to have 3GW of floating PV potential. The firm will concentrate on Asia to expand its floating PV portfolio, with plans in place to install a 150MW project at a reservoir in the Philippines.

Scatec highlighted four markets-- South Africa, Vietnam, Brazil and India-- where it has a considerable pipe that will aid it reach the 15GW target by the end of 2025.

After completing South Africa's largest solar project last year, the firm's renewables pipeline in the nation currently stands at 2,250 MW, consisting of 14 PV plants. In India, at the same time, the company is planning to join future solar, wind as well as crossbreed tenders, adding to its existing 900MW pipeline in the country.

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