Scatec investing $11.6bn in renewables, targets 15GW capacity by 2025

Norwegian renewable energy company Scatec has announced plans to invest $11.6bn (NOK100bn) in renewable energy thus increasing its energy generation capacity fivefold by 2025. The plan will see the renewable energy company expand its portfolio to 15 GW over the next four years. The company produced around 3 gigawatt hours (GWh) of electricity across 3.3 gigawatts of installed capacity in 2020. 

Scatec targets a goal of reaching installed renewable energy capacity of 4.5 GW by the end of 2021.

The company currently has 448 MW of solar energy in operation in South Africa, making it the country’s leading solar energy producer.

From the very first day, Scatec has been a front-runner in an increasingly dynamic renewables market, and we continue to lead

Scatec’s Chief Executive Officer Raymond Carlsen.

“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,” Carlsen added.

The Norwegian energy utility was originally a solar producer trading by the name Scatec Solar, the company’s expansion strategy into hydro and wind power as well as in electricity storage saw it rebrand to Scatec late last year.

The company currently has a project development footprint across 35 countries. The renewable energy company has increased its project backlog and pipeline from 4.2GW to 11.9GW over the past two years.

“Scatec is a pure renewable player. Our business model will continue to be based exclusively on delivery of reliable renewable energy. Our competence and track record across renewable technologies and in key growth regions paired with our integrated business model and strong partnership focus, create lasting competitive advantages,” Scatec’s chief executive Raymond Carlsen commented.

Scatec Solar last year acquired SN Power from the Norwegian Investment Fund, Norfund in a deal valued $1.166bn.