Season’s greetings from Scatec Solar

Dear friends and partners of Scatec Solar,

As we edge closer to the holiday season, I would like to share a few reflections about some of this year’s many achievements, which would not have been possible without the support and dedication of our people and our many partners.

The world is changing fast. From the rapidly melting polar ice and bushfires currently terrorising parts of Australia to a 16-year-old Swedish girl who has managed to mobilise children and adults all over the world. All with the common denominator of the threat of global warming. It is healthy to occasionally zoom out and remind ourselves why solar power makes sense.

Sustainable investments on the rise

2019 has demonstrated that investors equipped with an ESG mindset are increasingly doing so too. The tabloid definition of the term “responsible investment” used to be about investing in companies that abided by applicable laws and occasionally conducted a random act of good doing. Today, investors turn to companies that can clearly demonstrate that their activities have a positive impact on society and the environment around them, because sustainability and solid governance equals profitability over time.

Sustainability is an integrated part of our business and an important part of our deliveries. During 2019, we continued our long-term commitments to community development with more than 35 ongoing programmes within the areas; health, education, access to energy, small-medium enterprise development and agriculture.

In September, we launched our new service, Release, offering flexible, reliable and low-cost power through solar plant leasing. We also raised our growth target to 4.5 GW in operation and under construction by end 2021 and introduced a new target for annual growth of 1.5+ GW from 2022 and onwards.

The main reason for being confident in increasing our growth targets is our continued strong project execution combined with a steadily increasing pipeline of high-quality projects. In 2019, we have brought a record-high 609 MW into operation, including two solar plants in Malaysia, our first solar plants in Mozambique and Ukraine, plus the giant 390 MW Benban project in Egypt which is both the world’s first and largest solar plant to utilise bi-facial solar modules.

To say that this has been another busy year is an understatement. I am incredibly proud of my 320 colleagues who continue to deliver reliably and safely time and time again.

Partners in shine

I wrote in last year’s holiday greeting that growth does not happen by chance, because it is the fruit of past labour. As we leave a fruitful 2019 behind us, it is clear that 2020 will be another eventful year, with 711 MW under construction on four continents.

When we develop, finance, build and operate the portfolio of solar plants, we are not alone. Our many strong allies, from local suppliers to financial and development partners, help make Scatec Solar and our solar plants shine. You extend our geographical reach, expand our opportunities and enhance our business model. You are our “partners in shine”.

Today, solar power has a 2% market share globally. In 2050 the market share is expected to be 22%. We hope you, as we, are preparing for the ride.

In the meantime, I wish you a joyful holiday season and a happy new year.

Raymond Carlsen,