Scatec Solar is hosting a Capital Markets Update in Oslo today, presenting the company’s expanded platform for increased growth which will aim to increase the company’s target by 1 GW to 4.5 GW in operation and under construction by the end of 2021.
Courtesy of Scatec Solar
Scatec Solar is also introducing a new target for annual growth of 1.5+ GW from 2022 and onwards. The company builds, owns and operates solar plants across emerging markets and its project backlog and pipeline has grown from 3.9 GW to 5.6 GW since the company’s last Capital Markets Update in May 2018. In the same period, its earnings before interest, tax, depreciation and amortization (EBITDA) has grown by 30 percent, mainly driven by a significant increase in power production from a growing asset base and contribution from development and construction of new plants.
“We are raising our growth ambitions, driven by a strong solar market and a steadily increasing pipeline of high quality projects” said Raymond Carlsen, CEO of Scatec Solar. “Solar is the lowest cost source of energy across sun-rich regions, and with renewables expected to provide 50 percent of all power globally by 2050, we will continue to support governments and corporates in making the shift to renewable energy. Our strategic direction remains unchanged. We aim to continue delivering strong growth and shareholder value through securing growth in priority regions, effective project execution, and broadening our commercial and technological scope”.
Scatec Solar operates in 13 countries globally and sustainability is an integrated part of its business wherever it operates. Through community development programmes within areas like health, education and energy, the company strives to make positive contributions to local value creation.
The Capital Markets Update event is being held today at Oslo Konserthus (Lille Sal), Munkedamsveien 14, Oslo from 09:00 am to 11:30.
The presentations can be downloaded from the company website. There is also a live webcast available featuring the full presentation and Q&A.