Capital Markets Update: Scatec Solar raises growth target – installed capacity of 4.5 GW by 2021  

Oslo, 18 September 2019: Scatec Solar is hosting a Capital Markets Update in Oslo today, presenting the company’s expanded platform for increased growth. Scatec Solar’s growth target is raised by 1 GW to 4.5 GW in operation and under construction by end 2021. Additionally, a new target for annual growth of 1.5+ GW from 2022 and onwards is introduced.

 “We are raising our growth ambitions, driven by a strong solar market and a steadily increasing pipeline of high quality projects. 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 goverments and corporates in making the shift to renewable energy”, says Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar develops, builds, owns and operates solar plants across emerging markets. Since the company’s last Capital Markets Update in May 2018, the project backlog and pipeline has grown from 3.9 GW to 5.6 GW. In the same period, EBITDA is up by 30%, mainly driven by a significant increase in power production from a growing asset base and contribution from development and construction of new plants.

“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”, says Carlsen.

He highlights the launch of Release as an example of the latter.

“Release is a reliable and flexible solution, offering pre-assembled and redeployable smaller scale solar plants. We are making renewable energy both affordable and attractive to a whole new segment of industrial clients in emerging markets. While utlity scale solar remains the backbone of our business, we are further expanding our platform for increased growth in the coming years with Release and other new initiatives”, says Carlsen.

Scatec Solar operates in 13 countries globally and sustainability is an integrated part of our business wherever we operate. Through community development programmes within areas like health, education and energy, the company strives to make positive contributions to local value creation.

“Sustainability is good business, as it ensures stable operations and gives us access to solid financing partners. I strongly believe that our ability to manage risk in complex environments and create lasting footprints in our local communities are key competitive advantages”, says Carlsen.

The Capital Markets Update event will be held today at Oslo Konserthus (Lille Sal), Munkedamsveien 14, Oslo from 09:00 am to 11:30.

The presentations can be downloaded from www.scatecsolar.com and the link below. The full presentation and Q&A session can also be followed through a live webcast from: https://webtv.hegnar.no/presentation.php?webcastId=98092435

For further information, please contact:
Mikkel Tørud, CFO
tel: +47 976 99 144
mikkel.torud@scatecsolar.com

Ingrid Aarsnes, Communication & IR
tel: +47 950 38 364
ingrid.aarsnes@scatecsolar.com

About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1.3 GW. The company has a total of 1.9 GW in operation and under construction on four continents.

With an established global presence and a significant project pipeline, the company is targeting a capacity of 4.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’. To learn more, visit www.scatecsolar.com.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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