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Scatec Solar ups 2021 growth target by 1 GW

The Rengy solar park in Ukraine. Source: Scatec Solar

September 18 (Renewables Now) - Norway’s Scatec Solar ASA (OSL:SSO) is revising upwards its portfolio growth target by 1 GW and now pursues achieving 4.5 GW of solar power plants in operation and under construction by the end of 2021.

Moreover, the company, which develops, builds, owns and operates solar parks, has set a new target for annual growth of more than 1.5 GW from 2022 and onwards.

CEO Raymond Carlsen said in a statement that the expanded goals are the result of “a strong solar market and a steadily increasing pipeline of high quality projects.” The company’s project backlog and pipeline has grown from 3.9 GW in May 2018 to 5.6 GW now.

During that same period, earnings before interest, tax, depreciation and amortisation (EBITDA) jumped by 30% thanks mainly to a substantial increase in power production and the contribution from project development and construction, the company said.

Scatec Solar is presenting its growth plans at a Capital Markets Update in Oslo today.

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