Scatec sharpens strategy and sets course to capture value in green transition
Oslo, 29 September 2022 –Today Scatec ASA’s leaders will present the details of the company’s sharpened strategy to the capital markets. Scatec will continue to develop, build, own and operate renewable energy in emerging markets and secure long-term, profitable, and sustainable growth in the strategy period towards 2027. Scatec is outlining three primary focus areas for the coming years, including financial ambitions and targets.
Grow renewables, advance green hydrogen, and optimise portfolio
- Scatec will continue to grow its renewables business, including solar, wind and hydro, by building scale in selected focus markets to improve predictability and value creation.
- Scatec will build on its core strengths to take a leadership role in green hydrogen by developing prime locations in emerging markets, securing long-term offtake, and funding, and applying the integrated business model.
- Scatec will optimise its portfolio, by simplifying and consolidating, capturing additional value in power markets, and scaling and launching Release as an independent platform.
“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. 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,” says CEO Terje Pilskog.
Scatec focuses on key strategic growth markets
Scatec aims to build a strong and long-term position in specific focus markets, where most of the company’s capital and resources will be spend. Those markets are South Africa, Brazil, the Philippines, Hydro-Africa, Egypt, India, and Poland. Here, Scatec will focus on larger projects, while maintaining an opportunistic approach to other projects (outside of these markets), with clear guidelines on types of projects, size, and means of value creation.
Financial targets and ambitions
Scatec targets to invest NOK 10 billion of equity in new power plants towards 2027 adding NOK 3 billion in annual Proportionate Power Production EBITDA. This investment target corresponds to an average gross new capacity of 1.5 GW annually. The company has a solid financial platform for growth, including a diversified asset portfolio, prudent financial risk management, continued focus on cost discipline, and solid cash flow.
“We are setting up our company to be consistently at its strongest,” adds Pilskog. “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.”
Jump into Scatec’s strategic journey towards 2027 here.
A presentation of the strategy update, followed by a Q&A session will be held at House of Oslo (the auditorium), Ruseløkkveien 34, 0251 Oslo from 09:00 am CEST to ca. 10:30 am CEST. The presentation and Q&A session can be followed through a live webcast, here: CMU webcast.
If you are joining via the webcast and would like to ask a question during the Q&A session, please use the following dial-in details:
PIN Code for all countries: 554078
NO: +47-21-956342
SE: +46-4-0682-0620
UK: +44-203-7696819
US: +1 646-787-0157
For more international numbers, please contact us on [email protected]
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 86, [email protected]
For media: Meera Bhatia, SVP Communications, tel: +47 46 84 49 59, [email protected]
About Scatec
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’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on LinkedIn.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Kine Aaltvedt, Communication & IR Coordinator at Scatec ASA, on 29 September 2022 at 07:00 CEST
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