- Scatec has announced CEO change for the company; its new CEO is now Terje Pilskog
- He has been elevated from the position of EVP Project development at the company since 2013
- Outgoing CEO Raymond Carlsen will remain the company’s largest shareholder
Norwegian renewable energy company Scatec will now be led by Terje Pilskog as its CEO who replaces its long-term CEO Raymond Carlsen after 13 in his job. Carlsen will remain one of the largest shareholders while exploring other interests.
Pilskog has been elevated to the CEO position from EVP Project development at Scatec, a position he has held since 2013. Before joining Scatec, he was the SVP of REC Systems and Business Development in Germany.
Chairman of Scatec’s Board of Directors, John Andersen Jr. attributed Pilskog of having played an instrumental role in the strategic development of the company with first-hand experience of commercial and operational aspects of the business.
“His appointment as new CEO is the result of a thorough process, and his candidature has been benchmarked against both internal and external candidates,” added Andersen. “We are confident he is the right man to continue the development of Scatec as a leading provider of renewable energy solutions globally.”
The new CEO position comes with perks as Pilskog has been granted an additional 10,000 options of Scatec as per the management policy, with each share option giving him the right to subscribe for and be allotted one share in the company. The strike price of each option is NOK 134.53 per share.
At present, Scatec counts its operational renewable energy capacity as exceeding 3.5 GW, while it aims for 15 GW either in operation or under construction by the end of 2025.
Recently the management said Scatec has refinanced the non-resource debt facilities for its solar power plants Kalkbult, Dreunberg and Linde in South Africa with existing lenders. “Pursuing refinancing opportunities is part of Scatec’s strategy for continuous operational and financial improvements to optimize project returns and cash flows,” it added.
As Scatec is now expanding into fields beyond solar, earlier this March, together with Indian solar power company ACME Group, it announced a joint venture (JV) partnership to produce 1.2 million tons of green ammonia annually in Oman, with the help of solar power, and can be expanded in the future at the same location (see ACME Ropes In Scatec For Oman Ammonia Project).