Strong solar market encourages Scatec Solar to raise capacity outlook

Norwegian solar PV builder and operator Scatec Solar has lifted its capacity outlook on strong demand for renewable energy across the 13 global markets it currently operates in.

The Oslo-listed firm is now aiming to increase its capacity to 4.5 GW of electricity by the end of 2021, exceeding its previous target of 3.5GW. Scatec currently generates 1.9GW of electricity from solar plants.

In addition, the company seeks to add a further 1.5GW of capacity each year from 2022 onwards.

“We are raising our growth ambitions, driven by a strong solar market and a steadily increasing pipeline of high quality projects,” said chief executive Raymond Carlsen.

“Solar is the lowest cost source of energy across sun-rich regions, and with renewables expected to provide 50% of all power globally by 2050, we will continue to support governments and corporates in making the shift to renewable energy,” he added.

Scatec operates in various global markets including South Africa, Egypt, Malaysia, Brazil, Argentina Ukraine, Jordan, Mozambique and Rwanda.

In the first half of 2019, the firm reported strong revenue growth of 76% year-on-year. Scatec’s revenue stood at US$356 million in the six-month period.