Scatec increased by brand-new hydropower possessions and also conclusion of solar parks

• Scatec uploaded a boosted first-quarter economic efficiency, increased by the conclusion of brand-new solar projects and the closing of its purchase of hydropower designer SN Power.

The Norway-headquartered independent power producer videotaped profits of NOK1.01 billion (US$ 121.6 million), up 17% year-on-year, while profits jumped 83% to NOK 636 million (US$ 76.6 million).

The results were driven by the business's power production sector, which saw its capability increase by 1,461 MW on year-end 2020, while incomes as well as profits from solar plants "continued to be secure" compared to the very same quarter last year.

With activity from Scatec's advancement and building and construction unit reducing throughout Q1, the power manufacturing section represented more than 90% of the company's complete profits for the quarter.

"In our first quarter as a broader sustainable company, we are pleased to report steady procedures in addition to strong growth in power manufacturing and also capital," claimed Raymond Carlsen, CEO of Scatec.

This year will see Scatec begin on solar projects in markets such as Brazil, Tunisia, Pakistan and South Africa. The business's under-construction PV portfolio has a consolidated capacity of 479MW, while its stockpile currently totals 641MW. With COVID-19 impacting markets where the company establishes projects, it said it expects some delays in energising several of the plants.

The favorable monetary outcomes comply with publication of the business's new growth strategy that will see it invest NOK100 billion (US$ 11.7 billion) and also purpose to get to a 15GW renewables portfolio by 2025. More than 5GW of those additions are anticipated to be solar PV.

Along with Brazil, Vietnam and also South Africa, Scatec is intending to raise its solar visibility in India, with the firm currently on the lookout for collaborations in the nation. Terje Pilskog, EVP of solar and also wind project growth at Scatec, told PV Tech last month that the firm is seeking to establish its very own solar portfolio and also enter partnerships with designers that already have actually projects mounted in the nation.

While there has been restricted details to date regarding Scatec's strategies to colocate floating solar projects with SN Power hydropower centers, the company disclosed in its Q1 results discussion that it has a possibility to include hydro capacity in Africa and also install a floating PV plant on the storage tank beside it.