Scatec sets 1.5-GW annual capacity goal, to sharpen focus on H2

Norwegian renewable power producer Scatec ASA (OSL:SCATC) will aim to invest NOK 10 billion (USD 924.1m/EUR 956.5m) of equity in order to add around 1.5 GW of fresh capacity annually towards 2027 under its updated strategy, bringing into focus emerging markets and green hydrogen.

Specifically, the company will seek to further expand its renewable energy business, while paying greater attention to particular markets such as South Africa, Brazil, the Philippines, Hydro-Africa, Egypt, India, and Poland. Most of the earmarked funds will be allocated for projects in these focus areas, Scatec said on Thursday.

Overall, the company’s plan is to focus on larger projects in the key markets and keep “an opportunistic approach” in other locations.

In terms of technology, Scatec intends to continue building wind, solar and hydropower plants and consolidate its business so as to capture additional value. Meanwhile, it will intensify work on green hydrogen initiatives by launching projects in “prime locations” across the target emerging markets.

“Scatec is a growth company with a solid track record and ambitious targets. We aim to be a leader in developing, owning, and operating renewable energy and green hydrogen across our focus markets,” said CEO Terje Pilskog.

At present, the Norwegian firm has 4.6 GW of capacity in operation and under construction globally. According to the company’s estimates, its investment plan towards 2027 will add some NOK 3 billion to its annual proportionate power production earnings before interest, tax, depreciation and amortisation (EBITDA).

(NOK 10 = USD 0.924/EUR 0.956)

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