A frontrunner in renewable energy

Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in high growth markets. As a long-term player, we develop, build, own and operate renewable energy plants, with 4.6 GW in operation and under construction across four continents today.

We are committed to grow our renewable energy capacity, delivered by our 700 passionate employees and partners who are driven by a common vision of ‘Improving our Future’.

Our course is set to capture value in the green transition  

Scatec’s strategic action plan towards 2027
Scatec is a leading renewable energy company that aims to accelerate the deployment of reliable and affordable renewable energy in emerging markets. 

Our strategy, in short 

We will develop, build, own and operate renewable energy in emerging markets, and we will continue to secure long-term, profitable, and sustainable growth for Scatec. It is in our DNA to continually seize new opportunities. We now do so with a more focused approach and by maintaining a clear intention to create value.

Our strategy is what gives us direction and keeps us on a consistent growth path towards 2027. By that time, Scatec will have strengthened our position as a leader in developing, owning, and operating renewable energy and green hydrogen in our key emerging markets. We have a great starting point with our current platform and the work to prepare ourselves to be consistently at our strongest starts now. We are a team of changemakers who can make anything possible when we work together, as we drive results and capture the right opportunities for our future.

How we will deliver on our purpose and drive growth  

  • 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.
  • We are selective when investing, which is why we target projects that generate long-term profitable returns of 1.2 times the cost of project equity. We apply our proven integrated business model to extract additional margins to maximise value creation for each project.
  • Our success is based on our experience from operating in emerging markets over the past 15 years, as well as our ability to adapt to rapidly changing market conditions. Our approach to new investments will be more focused & disciplined, based on markets, our experience, and our desire to access scale benefits and value creation.
  • We aim to build a stronger and long-term position in specific focus emerging markets, which experience accelerating demand for renewable energy, have Governments with a clear green agenda, and where we see the potential to build scale and apply our integrated business model. Our focus markets are: South Africa, Brazil, the Philippines, Hydro-Africa, Egypt, India, and Poland. We will focus on larger projects, with a target average of NOK 500 million equity investment (some will be smaller, some larger).
    • Most of our capital and resources will be spent in these markets as we are convinced that a more focused approach will improve value creation through scale benefits and improved success rates.
  • We will maintain our opportunistic approach to projects outside focus markets but will apply strict guardrails on type of projects, size, and value creation.
  • As a pioneer in solar, Scatec has built on its experience to become an early leader in Green Hydrogen, and we aim to develop some of the first large scale facilities in the world.
  • Scatec will continue to seek value uplift as a long-term industrial owner through our approach to cost and asset base optimisation, portfolio management, simplification, and revenue improvements.
  • We will continue to scale Release in Africa, looking to launch it as an independent vehicle, as we see increasing demand from customers and investors.

The context we are operating in

We are a part of solving the net zero equation.

Renewable energy is more critical than ever. The world faces major geopolitical, economic, and societal challenges, at a time when the effects of climate change grow ever more urgent.  Net zero has become the prize for which nations and corporates alike strive and getting there will demand unprecedented transformation across nearly every industry.

To achieve our climate targets, 85 per cent of the world’s energy must be derived from renewable sources. Electricity, heavy industry, and transportation produce the bulk of the greenhouse gases emitted into our atmosphere, and it will require enormous investment, technological know-how and a massive cultural shift to alter the ways we power and fuel societies.

At Scatec, we believe that for the world to fulfil its climate targets, all countries must be part of the solution. Approximately 63 per cent of carbon emissions stem from emerging markets and as of 2022, 82 per cent of emerging markets have set a net zero target. Renewable energy presents an opportunity for these countries to boost their economic growth, meet growing energy needs, provide new sources of employment, all while reducing dependency on fossil fuels and eliminating vulnerabilities linked to carbon.

Setting up Scatec for success

We are setting up our company to be consistently at its strongest. At Scatec, we pride ourselves on being a team of changemakers who are always driving results and ready to capture opportunities as they emerge by working together. This is what defines us. Our long-term vision is to improve the future, and that works starts with our key strategic actions towards 2027.

Going forward, we will continue to focus on our people. WE are critical for achieving our strategic ambitions. We are passionate and committed to what we do and the changes we are driving. And we know that to succeed, renewables must be deployed responsibly, predictably and by working in co-operation with the community around it.  In the coming months we will prioritise delivering on our strategy through enablers, which includes setting up our projects to be as competitive as possible, building up the relevant competence and leadership skills to succeed, and setting clearer expectations and plans for future partnerships.

Targets and ambitions

Scatec will aim to:

  • Deploy at least 10 billion NOK equity over the next five years
  • Target project equity returns at 1.2 times the cost of equity, D&C gross margins of 8-10%
  • We target to double power production EBITDA, adding NOK 3 billion of annual power production EBITDA by end of 2027.

Company introduction video

Values

Our culture shall be driven by values, performance and competence.

We have identified four core corporate values to help define our culture and govern our business activities:

 

  • Predictable
  • Driving results
  • Changemakers
  • Working together

Predictable:

In a rapidly changing market environment, predictability is an important feature of a business relationship. We see it as our task to deliver on our promises and meet the expectations placed on us. For this, we use our know-how and experience. Consistent performance and reliability finally leads to confidence.

Predictable means that we…

  • deliver on commitments
  • communicate in an open and precise way
  • bring up ethical issues and challenges immediately

Driving results:

Determination is vital to succeed in the renewable industry. Driving results are therefore a fundamental value in our corporate culture.

Driving results means that we…

  • set ambitious targets
  • show endurance, follow through and pay attention to important details
  • strive simplicity and clarity, avoid activities not adding value
  • continuously develop sound expertise, demonstrate commercial awareness and customer orientation

 

Changemakers:

Curiosity and an open mind are important qualities for us. It is not necessary to reinvent the wheel – often it’s just a new combination of good ideas that enables a significant advantage. This requires the courage to venture into unknown territory and manage the emerging risks, an attitude we foster in Scatec Solar.

As changemakers we…

  • are curious and stimulate new ideas and creativity
  • have the courage to challenge accepted truths and enter unfamiliar territory
  • understand and manage risk

Working together:

The whole is greater than the sum of its parts. Complex projects involve many people and various disciplines that require seamless cooperation.

Working together we…

  • listen actively, give and accept constructive feedback
  • always seek the most appropriate solutions, share our experiences and build on each other‘s contributions.
  • respect the individual and encourage collaboration to continuously improve the working environment.
  • have a “can do” attitude and strive to develop and energize our colleagues.

Asset portfolio

3375

MW in operation

1267

MW under construction

893

MW in project backlog

15043

MW in project pipeline