Norwegian renewables player Scatec has raised its capacity target to 15GW by the end of 2025.
The 12GW of new capacity, from the current 3.3GW, will require Nkr100bn (€9bn) in investments according to company estimates, of which Nkr15-20bn will be funded by Scatec equity.
The company also confirmed its current 4.5GW capacity target for 2021 at its capita markets day.
Solid long term cash flows from operating power plants and margins from development and construction of new plants are expected to fund a major part of Scatec’s equity investments, the company said.
Scatec chief executive Raymond Carlsen said: “From the very first day, Scatec has been a front-runner in an increasingly dynamic renewables market, and we continue to lead.
“In line with our broadened strategy, we are developing renewable energy solutions and combining solar, wind, hydropower and storage to the benefit of our growing customer base of state utilities and large energy consumers.”
The company’s project development footprint has been expanded to 35 countries, and the backlog and pipeline of projects has increased from 4.2GW to 11.9GW over the past two years.
In 2020, the company acquired leading hydropower player SN Power, a transaction adding both “scale and significant cash flow”.