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March 23, 2021

Scatec to invest $11.6bn in renewables for 15GW capacity target

Renewable energy company Scatec has announced an investment of $11.6bn (NOK100bn) to increase its renewable energy generation capacity by 2025.

By Umesh Ellichipuram

Renewable energy company Scatec has announced an investment of $11.6bn (NOK100bn) to increase its renewable energy generation capacity by 2025.

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Last year, Scatec produced just over 3GWh of electricity across 3.3GW of installed capacity. In the next four years, it aims to increase its portfolio to 15GW.

A company spokesperson said that the investment would be necessary to achieve its 2025 target. Scatec aims to meet reach 4.5GW of capacity by the end of this year.

Scatec 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.”

The company made this announcement in its recent capital markets update. Scatec gave its previous update in 2019, and now aims to establish itself as a global leader in renewables segment.

Scatec equity will fund $1.7bn to $2.3bn (NOK15bn to 20bn).

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

Carlsen further added: “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.”

Last October, Scatec Solar agreed to acquire SN Power from Norfund in a deal valued $1.166bn.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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