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2021-03-24 10:05:00

RENEWABLES FOR NORWAY $11.7 BLN

RENEWABLES FOR NORWAY $11.7 BLN

RENEWABLES NOWMarch 23  - Oslo-based solar power producer Scatec ASA (OSL:SCATC) today unveiled its new business plan through 2025 that upgrades its capacity goal to 15 GW and earmarks a budget of some NOK 100 billion (USD 11.7bn/EUR 9.8bn).

The Norwegian solar company confirmed its previous target of having 4.5 GW of photovoltaic (PV) capacity at end-2021. Currently, it has 3.3 GW. According to its estimates, the addition of 12 GW of fresh capacity will require around NOK 100 billion in investments, of which Scatec will fund NOK 15 billion-20 billion in equity. A major part of those equity investments will come from cash flows from operating power plants and margins from the development and construction of new facilities.

“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,” said CEO Raymond Carlsen.

At present, Scatec is active in 35 countries and has a project backlog and pipeline totalling 11.9 GW, which has increased from 4.2 GW in 2019.

In terms of earnings, Scatec said it expects to book first-quarter proportionate earnings before interest, tax, depreciation and amortisation (EBITDA) at its Power Production segment of between NOK 660 million and NOK 680 million. For the full-year, it expects to have a total proportionate power production volume of 3,500 GWh-3,700 GWh, up 20% from 2020.

Scatec also said that from this year, it will pay a dividend equal to a minimum of 25% of the cash distributions received from its operating power plants.

(NOK 1.0 = USD 0.117/EUR 0.098)

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Tags: RENEWABLE, NORWAY