Norway headquartered solar developer and IPP turned renewable energy company Scatec ASA had exited the year 2020 with a net loss of NOK-368 million ($ 43 million), while its net loss for Q4/2020 added up to NOK-561 million ($ 65 million). However, with the advent of 2021, the company was quick to complete its planned acquisition of hydropower power company – SN Power – in Norway, lifting its cumulative project pipeline to 10.5 GW, growing from 7 GW (see Scatec Solar's Power Production Up By 37% In Q4/2020). And now, it has announced a NOK 100 billion (US$11.7 billion) expansion plan, where it will grow its renewables portfolio to 15 GW over the next four years and plans to report 4.5 GW by the end of 2021. The business plan is supported by Scatec's track record of strong growth and a solid project pipeline across solar, wind, hydro and storage in high-growth markets globally.
Scatec plans to add 12 GW of new clean energy by 2025, out of which photovoltaic will comprise over 5 GW. As per company estimates, the 12 GW of new capacity, from the current 3.3 GW, will require NOK 100 billion ($11.7 billion) in investments. Towards this, Scatec plans to fund NOK 15-20 billion through equity, while the rest of the amount is expected to be funded through solid long term cash flows from operating power plants and margins from development, and construction of new plants.
Speaking about the expansion plans, CEO Raymond Carlsen said, "From the very first day, Scatec has been a frontrunner in an increasingly dynamic renewables market, and we continue to lead. In line with our broadened strategy, we are developing renewable energy solutions and combining solar, wind, hydropower and storage to the benefit of our growing customer base of state utilities and large energy consumers."
Earlier last year, the company had raised NOK 1,968 million ($196.75 million) to fund investments in renewable power plants (see Scatec Solar: NOK 1,968 Million In Private Placement)