5967007LIEEXZXIARK36 2024-01-01 2024-12-31 5967007LIEEXZXIARK36 2024-12-31 5967007LIEEXZXIARK36 2023-12-31 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 5967007LIEEXZXIARK36 2022-12-31 5967007LIEEXZXIARK36 2022-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXIARK36 2023-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXIARK36 2022-12-31 ifrs-full:SharePremiumMember 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 ifrs-full:SharePremiumMember 5967007LIEEXZXIARK36 2023-12-31 ifrs-full:SharePremiumMember 5967007LIEEXZXIARK36 2022-12-31 ifrs-full:RetainedEarningsMember 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 5967007LIEEXZXIARK36 2023-12-31 ifrs-full:RetainedEarningsMember 5967007LIEEXZXIARK36 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXIARK36 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXIARK36 2022-12-31 ifrs-full:ReserveOfGainsAndLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstrumentsMember 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 ifrs-full:ReserveOfGainsAndLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstrumentsMember 5967007LIEEXZXIARK36 2023-12-31 ifrs-full:ReserveOfGainsAndLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstrumentsMember 5967007LIEEXZXIARK36 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXIARK36 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXIARK36 2022-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXIARK36 2023-01-01 2023-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXIARK36 2023-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXIARK36 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXIARK36 2024-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXIARK36 2024-01-01 2024-12-31 ifrs-full:SharePremiumMember 5967007LIEEXZXIARK36 2024-12-31 ifrs-full:SharePremiumMember 5967007LIEEXZXIARK36 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 5967007LIEEXZXIARK36 2024-12-31 ifrs-full:RetainedEarningsMember 5967007LIEEXZXIARK36 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXIARK36 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXIARK36 2024-01-01 2024-12-31 ifrs-full:ReserveOfGainsAndLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstrumentsMember 5967007LIEEXZXIARK36 2024-12-31 ifrs-full:ReserveOfGainsAndLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstrumentsMember 5967007LIEEXZXIARK36 2024-01-01 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXIARK36 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXIARK36 2024-01-01 2024-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXIARK36 2024-12-31 ifrs-full:NoncontrollingInterestsMember iso4217:NOK iso4217:NOK xbrli:shares
Integrated
Annual Report
2024
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About this report
The integrated annual report for the full year 2024 includes both
financial and sustainability reporting, reflecting the importance of
sustainability to the company's operational and financial performance.
This report includes:
•
Board of Director’s report (reference sections)
•
Consolidated financial statements of the Scatec Group
(reference sections)
•
Parent company financial statements of Scatec ASA
(reference sections)
•
Sustainability reporting, prepared according to
European Union (EU) requirements under the
Corporate Sustainability Reporting Directive (CSRD)
(reference sections)
•
•
Taskforce on Climate-related Financial Disclosure (TCFD)
(reference sections)
•
Corporate Governance report
•
Communication on Progress to the UN Global Compact
(advanced reporting level)
Other 2024 reports published
on Scatec.com/reports
:
•
Executive Remuneration Report
•
Transparency Act Statement
•
Statement of Equality and Non-discrimination
•
Green Finance Report
•
Financials – Norwegian (XBRL data ESEF)
This publication constitutes the statutory annual report in accordance with Norwegian requirements for
Scatec ASA for the year ended 31 December 2024. The Integrated annual report is filed with the Norwegian
Register of Company Accounts. The version prepared in accordance with the European Single Electronic
Format (ESEF) and filed with Oslo Børs is the official version of the company’s integrated annual report and
the ESEF version prevails in case of any issues or conflicts with other versions. Further information on the
boundary conditions for sustainability data can be found in (reference sections). This report should be read
in conjunction with the cautionary statement in (reference sections).
The Integrated Annual Report may be downloaded from Scatec’s website at www.scatec.com.
References in this document or other documents to Scatec’s website are included as an aid to their
location and are not incorporated by reference into this document.
CONTENTS
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MANAGEMENT REVIEW
SUSTAINABILITY STATEMENTS
FINANCIAL STATEMENTS
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Management review (BoD report)
CEO letter
5
Scatec at a glance
7
Highlights and performance
9
Strategic pillars
10
Strategic targets and ambitions
11
Core markets and business model
13
Corporate governance
18
Board of Directors
23
Executive management team
26
Risk management and due diligence
29
Sustainability review
33
Financial performance
36
Sustainability statements
Introduction to our Sustainability Statements
46
Environmental
65
EU Taxonomy
66
Climate change
73
Biodiversity and ecosystems
87
Resource use and circular economy
95
Social
100
Own workforce
101
Workers in the value chain
113
Affected communities
120
Governance
127
Business conduct
128
Auditor's report
133
Financial statements
Group consolidated financial statements
136
Parent company financial statements
174
Responsibility statement
186
Alternative Performance Measures
187
Auditor's report
190
CONTENTS
Scatec ASA
Integrated Annual Report 2024
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Management
review
(BoD report)
Scatec ASA
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CEO letter
Laying a solid foundation for
continued profitable growth
2024 has been a year of significant positive development for Scatec. We have delivered good
financial performance across all segments, built an attractive growth portfolio for the next few years,
continued to optimize our portfolio and deleveraged on corporate level. Renewables have become
more competitive during the year, improving the market potential for Scatec going forward.
Proportionate revenues reached NOK 7.9 billion for the year, and
proportionate EBITDA was NOK 4.7 billion. The EBITDA in the power
production segment increased by close to 30% to NOK 3.8 billion
as we brought 681 MW of solar power plants online in Brazil and
Pakistan in the beginning of the year and the hybrid 540 MW solar
and 1.1 GWh battery storage project into operation late in 2023. In the
D&C segment we achieved an EBITDA of NOK 184 million based on a
gross margin of 19%.. We also realized gains from sales of assets of
close to NOK 800 million.
As we enter 2025, Scatec has an unparalleled growth portfolio for the
coming years. This underscores the strength over our teams across
markets and the success of our focused development approach in
the emerging markets we target. Our near-term growth portfolio of
projects under construction and in backlog now stands at 2.7 GW,
representing a capacity increase of 64% to 6.9 GW once realised.
We have initiated construction of 698 MW of solar and battery
storage capacity across key markets, including South Africa, Brazil,
Tunisia, and Botswana during the year, and have increased our to 1.9
GW. During 2024, we signed a Power Purchase Agreement (PPA) for a
1.1 GW solar and a 100 MW/200 MWh battery storage project in Egypt
and were awarded a 288 MW solar project in South Africa in round
7 of the REIPPP programme. In the beginning of 2025, we signed a
15-year Contract for Difference (CfD) in Romania, enabling us to enter
the growing Romanian market with a 190 MW solar facility. We have
made significant progress for our Release and Lyra platforms during
the year and we expect visible, positive development during 2025.
Our commitment to strengthening our financial position is evident
through divestments and farm-down of assets and the reduction
of corporate debt. During the years, we successfully completed the
farm-down of Kalkbult, Linde, and Dreunberg in South Africa, signed
the sales of our hydropower portfolio in Africa to TotalEnergies and
exited Vietnam though an asset sale to Susi Partners. We also closed
the sales of our Mozambique and Rwanda assets. Based on our stra-
tegic asset divestments and strong operational cash flow reduced
our net interest-bearing corporate debt by NOK 1 billion, significantly
Our achievements in 2024 reflect
the dedication and hard work of
our team and I am proud of the
progress we are making.
Scatec ASA
Integrated Annual Report 2024
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strengthening our balance sheet and enhancing financial flexibility for
future investments.
We continue to see increased scale and technological improvement
within renewables. Based on this, renewable energy continue to
come down in terms of costs and also increase in usability and
renewable energy strengthens its position as the most competitive
source of new electricity generation in our target markets. In the
current unstable geo-political environment, we are encouraged by
the fact that renewable is competing without subsidies and contrib-
utes to reduced energy costs, reduced greenhouse gas emissions
and increased economic growth in the market we operate.
Working Together is one of our core values and we have a strategy
of working in close partnerships
with our stakeholders. Throughout
2024, we have engaged with partners and stakeholders across
our markets and beyond to foster collaborative efforts between
investors, development institutions, governments and companies to
progress deployment of renewable energy. We aim to be a credible
and trustworthy partner and believe our track record and stakeholder
engagement is a critical contributor to our future success.
Sustainability is embedded
in our strategy, guiding
us to develop clean
energy solutions that power communities today while protecting the
environment for generations to come. Our team’s expertise and dedi-
cation are key drivers of our success, enabling us to execute projects
efficiently and advance innovation in renewable energy.
Equally important, our commitment to Health, Safety, Security, and
Environment (HSSE) and compliance ensures that our operations are
conducted responsibly and ethically, safeguarding our workforce and
the communities we serve.
Our achievements in 2024 reflect the dedication and hard work of
our team, and I am proud of the progress we are making in delivering
on our purpose, Improving Our Future. The dedication, passion and
competence of our people is amazing and I am proud to see what
we achieve together.
As we look ahead, we are committed to continue to deliver on our
strategy of growing renewables in our core markets, focusing on
technologies with shorter development cycles, working closely with
our partners and also to optimize our portfolio, bring down debt and
increase our financial and strategic flexibility going forward.
Thank you for your ongoing support. I look forward to a successful
2025 alongside you and our partners.
Terje Pilskog, CEO
Scatec ASA
Integrated Annual Report 2024
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Scatec at a glance
Scatec is a leading renewable energy provider that is accelerating access to reliable
and affordable clean energy in emerging markets. We develop, build, own and operate
renewable energy plants, with 5 GW
1)
in operation and under construction across
five continents.
Sustainability is a fundamental part of our culture, rooted in all our business units
and integrated across our value chain. We are committed to growing our renewable
energy capacity, led by 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 ‘SCATC’.
Our vision
Improving our future
Our mission
To deliver competitive and sustainable renewable energy
globally, to protect our environment and to improve quality
of life through the innovative integration of reliable technology.
Our values
Driving results
Changemakers
Predictable
Working together
0.4
GW
Europe
2.1
GW
Africa and
Middle
East
1.6
GW
South-East
Asia
0.9
GW
Latin
Americas
1)
Capacity in operation and under construction as at Q4 2024 reporting date.
Scatec ASA
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Improving the future for communities and individuals since 2010
5.8
GW
renewable capacity
installed, acquired and
under construction
24
million tonnes
GHG emissions avoided
11
million
households powered
annually
22
thousand
direct jobs created
1)
$22
million
invested in local
communities
1)
Total number of direct jobs created
during the peak construction phase
of our projects
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2024
Strong growth while
strengthening balance sheet
Highlights
•
Grew our backlog by 1.1 GW during the year,
including our largest projects to date in Egypt,
South Africa and the Philippines
•
Started construction on projects with a
combined capacity of 767 MW in South Africa,
Brazil, Tunisia and Botswana
•
Finalised large construction programmes and
launched operations - 681 MW solar in Brazil
and Pakistan
•
Ranked 2
nd
most sustainable company in Norway
and 99
th
in the world by TIME
•
Divested wind farm in Vietnam, our share of the
Hydro Africa JV and carried out a farm-down in
South Africa in line with our strategy
•
Extended our maturity debt profile through a
new bond issue, bond buy-back and refinancing
of bank facilities
20242023
4,988
In operation
4,239
In operation & under
construction
MW
20242023
5,002
3,765
2024202320242023
Under construction
Scope 1 & 2 emissions
tCO2e
Power production
GWh
GHG emissions avoided
Million tonnes
4.1
4.0
4,288
3,615
20242023
24,639
23,284
Net interest-bearing
debt
NOK million
20242023
48
50
2024202320242023
NationalitiesProject
pipeline
MW
721
680
10,116
11,091
20242023
7,853
12,372
Proportionate
revenues
NOK million
20242023
0.6
2.1
2024202320242023
Total recordable
injury frequency
Per million hours
Proportionate EBITDA
NOK million
Lost time incident
frequency
Per million hours
0.4
0.9
4,694
3,845
Number of
permanent employees
Scatec ASA
Integrated Annual Report 2024
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review
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Five strategic priorities to
improving our future
Profitable
renewables growth
Scaling up in core
markets with a
multi-technology
approach, integrated
solutions, and focus on
high-return projects.
Portfolio
optimisation
Enhancing financial
flexibility through
strategic divestments,
corporate deleverage,
and a capital-efficient
business model.
Leadership in
Sustainability
Positioning Scatec as a
leader in sustainability
through strong focus
on green footprint,
responsible supply
chain, and local value
creation.
People
Building a motivated
and skilled organisation
with a strong employee
value proposition,
continuous learning,
and future-ready
competencies.
Innovative solutions
Driving customer-
focused innovation
with advanced
technology, operational
efficiency, and digital
transformation.
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Integrated Annual Report 2024
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Strategic targets and ambitions
1. Profitable renewables growth
Scatec is a leading renewable energy provider that is
accelerating access to reliable and affordable clean energy
in emerging markets with 5 GW in operation and under
construction across five continents at year-end 2024.
Scatec will continue to targeting NOK 750 million in annual
gross equity investments on average. Solar PV and battery
storage will make up the largest share of our investments due
to its attractive fundamentals and complementary profiles.
We will utilise our integrated business model and remain
committed to delivering high value creation to our share-
holders.
We aim to build stronger and longer-term positions in
selected emerging markets with excellent conditions for
renewable power and where we have identified growing
power demand, a clear green agenda and the opportunity
to build scale and apply our proven model. These markets
are South Africa, Egypt, Brazil and the Philippines, where we
already have a strong track record and operational portfolios.
Beyond these core markets, we are maintaining an opportun-
istic approach, applying strict investment criteria related to
project size and value creation.
We also aim to grow selectively within green hydrogen in
Egypt and hydropower in the Philippines. Egypt has excellent
resources for renewable energy and a strategic location for
exports, making it optimal for green hydrogen and green
ammonia production. In the Philippines, Scatec and Aboitiz
Power are exploring attractive growth opportunities for hydro-
power through an established joint venture.
2. Portfolio optimisation
We are focusing on divestments of non-core assets to
consolidate our portfolio, enhance value creation and fund our
growth ambitions. We are also pursuing selective divestments
or equity sell-downs in core markets when this makes sense
from a strategic and value creative perspective. By 2027, we
aim to have generated at least NOK 4 billion in proceeds from
these divestments. By reinvesting capital to develop, finance
and build new projects, we are focusing on the steps in the
value chain that give us a competitive advantage. We are also
committed to deleveraging on the corporate level to increase
our financial flexibility and will allocate 75% of divestment
proceeds towards corporate debt repayment.
Target
NOK 750 million
of
annual
equity investments
on average towards 2027
At least
NOK 4 billion
proceeds
from
divestments of non-
core assets by 2027
~75% of divestment
proceeds
allocated to
corporate debt repayment
towards 2027
Scatec ASA
Integrated Annual Report 2024
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3. Leadership in sustainability
Sustainability is embedded within all business units and
seamlessly integrated across our value chain. We allocate
dedicated sustainability resources at both the project and
corporate levels, ensuring involvement in every phase of the
value chain to achieve long-term benefits and impact.
To be a leader in sustainability, beyond green energy, we are
focusing on
the three key priority areas below
. These are
based on stakeholder expectations, upcoming regulations and
requirements, risk management assessments and our compa-
ny’s vision and mission.
4 People
The success and competitiveness of our organisation depend
on the skills of our employees and our collaborative efforts.
We emphasise a strong value proposition for our staff, contin-
uous learning and development, prepare for the future with
appropriate competencies and ensure flexibility, competence
hubs and efficiency.
5. Innovative solutions
Throughout our history, our skilled people have collaborated
across functions through our integrated business model to
develop solutions for our customers that position us ahead
of competition. We aim to continuously enhance our capa-
bility to develop innovative solutions for our customers. This
includes incorporating advanced technology, smart solutions
and efficiency improvements.
Sustainability priorities towards 2027
•
Net-zero emission by 2040
•
End-of-life strategies for all operating
assets
•
Clear biodiversity strategy in line with the
Task Force on Nature-Related Financial
Disclosures (TNFD) by end of 2025
•
Industry leader within solar PV and
battery supply chain traceability
•
70% of construction workers from
local communities
•
Measurable community investments
with a long-term focus in all projects
GREEN
FOOTPRINT
RESPONSIBLE
SUPPLY CHAIN
LOCAL VALUE
CREATION
Scatec ASA
Integrated Annual Report 2024
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Our integrated business model
Our integrated business model ensures transactional and
operational control throughout the project lifecycle, which in
turn ensures de-risking of the projects from a financial and
operational perspective, while managing health and safety
issues, including the potential impact on people, communi-
ties and the environment. This business model includes the
project development, construction, ownership
and operation
of renewable energy plants in emerging markets with the
power produced primarily sold under long-term power
purchase agreements (PPAs). Our approach is to offer the
most cost-efficient solution for each project, ranging from
a single technology to a combination of integrated renewa-
bles technologies. Combining the effects of several revenue
sources, the total return during the lifetime of a project is
typically higher than the stand-alone project equity IRR. This
illustrates the robustness of our integrated business model.
For more details on
Scatec’s environmental
and social risks, impacts
and opportunities along
our value chain, please
click here.
Creating value in all phases of
the
integrated business model…
Value uplift
from early-stage development
to ready-to-build projects
Value creation through
project de-risking
and extraction of construction margins
Further value
uplift through distributions,
service margins and accretive transactions
…by controlling the project from
cradle to production, ensuring
optimal execution
Driving positive stakeholder
impact and managing risks
Development
Securing land, grid, offtake,
equity
partners and non-recourse project debt
Construction
Engineering, procurement and
construction (EPC) services
Operations
Owning and operating the plants,
reﬁnancing, divestments & farm-downs
•
L
ocal
economic gr
o
wth
thr
ough
investment in infrastructure
•
L
ocal
community
engagemen
t and
development
•
Stimula
ting economic activity
in
emerging markets
•
L
ong-
term emplo
ymen
t in local
economies
•
M
or
e sustainable pr
actices
implemented in developing countries
•
R
eliable r
ene
w
able ener
gy
to emer
ging
markets
•
R
egional
r
ene
w
able ener
gy
e
xpansion
•
Par
tner
ships
with governmen
ts and
local utilities
Scatec ASA
Integrated Annual Report 2024
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Market fundamentals
Price drops and increasing renewables
installations continue to pave the way for
profitable growth.
The competitiveness of renewables continued to improve in
2024, with solar module and battery storage system prices
reaching all-time lows during the year. Significant capacity
expansions throughout the value-chain are expected to put
continued pressure on prices throughout 2025.
Technological advancements, including more efficient solar
cells and improved battery storage solutions, are further
enhancing the reliability and cost-effectiveness of renewable
energy. Power generated by solar and wind farms are now
the most cost-efficient source of energy in the majority of
markets in which Scatec operates.
Global demand for clean energy is accelerating, driven by
supportive regulatory frameworks, corporate sustainability
commitments and climate action targets. This is particularly
evident in the emerging markets in which Scatec operates,
where the need for affordable, sustainable energy is critical
for economic growth and energy security.
Solar PV module prices
-66%
0,05
0,10
0,15
0,20
0,25
0,30
Jan 25Jul
24Jan
24Jul
23Jan
23Jul
22Jan
22
PV module prices dropping during the year
USD/W
Global newbuild PV forecast excl. China increasing
GW
Turnkey energy storage system prices coming down
1)
USD/kWh
Global Solar
PV manufacturing
capacity versus
installations:
Market balance indicates further price pressure
GW/year
Global newbuild PV forecast
0
100
200
300
400
202720262025202420232022
Europe
MENA
I
ndia
N
or
t
h
America
& Caribbean
Ot
her
A
sia
S
SA
U
nde
termined
Cen
tr
al
& Sout
h
America
145
184
291
332
363
378
Forecast
Turnkey energy storage system prices
50
100
150
200
250
300
350
400
Glob
al
US
E
ur
ope
China
202420232022
-58%
Global manufactoring capacity
0
400
800
1,200
1,600
ModuleCellWaferPolysilicon
Polysilicon
Cell
M
odule
Wa
f
e
r
2025e Solar PV installations
601-699
1)
Four-hour duration systems
Sources: BNEF: 4Q 2024 Global PV Market Outlook,
Energy Storage System Cost Survey 2024
Scatec ASA
Integrated Annual Report 2024
Scatec ASA
Integrated Annual Report 2024
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Management
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Core markets
We have selected South Africa, Brazil, Egypt and the
Philippines as core markets due to their strong renewable
energy potential and shared commitment to reducing carbon
reliance. These markets are projected to add over 100 GW of
renewable capacity by 2030, driven by ambitious transition
goals and supportive regulatory frameworks. South Africa
and Egypt are rapidly shifting from coal and gas, while Brazil
and the Philippines offer robust opportunities with growing
demand for renewables. Scatec’s established presence, local
expertise and integrated approach uniquely position us to
scale efficiently, deliver impactful solutions and support long-
term energy development. By focusing on these markets, we
ensure strategic alignment with our strengths while contrib-
uting to global decarbonisation and sustainable growth.
Expand position through
public auctions and
private PPA platform
Leverage strong partner-
ships to build position
within solar, wind and H
2
Expand BESS capacity
for ancillary services and
develop solar & wind
opportunities
Build position within solar
& wind through private
offtakers
South Africa
Top #2 solar producer
Egypt
Top #2 solar producer
Philippines
Top #2 hydro producer
Brazil
Top #10 solar producer
Scatec’s asset portfolio
Gross MW
Scatec asset portfolio
Czech Republic
Vietnam
Jordan
Release
Honduras
Tunisia
Botswana
Pakistan
Romania
Malaysia
Uganda
Ukraine
Laos
Philippines
Brazil
South Africa
Egypt
Operational
BacklogUnder
construction
1,605
1,394
835
729
525
336
255
244
150
120
120
95
47
43
39
20
190
Scatec ASA
Integrated Annual Report 2024
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Integrated Annual Report 2024
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Investment and funding approach
We invest selectively and assess all our investment opportunities against our investment criteria.
We have a project equity IRR threshold of 1.2 times cost of
equity in local currency, based on expected cash flow from
sale of power produced, excluding other sources of revenue
from our integrated model. The cost of equity is calculated
individually for each project using a standardised CAPM meth-
odology that takes into account such factors as the relevant
cost of debt, currency, leverage and country risk premium.
Our renewable energy power plants are normally organised in
single purpose vehicles and predominately financed by equity
from Scatec and co-investors, representing 20–30 per cent of
the investment and non-recourse project debt, representing
the remaining 70–80 per cent of the total investment.
We seek to retain a controlling economic interest in the
assets, with the remaining equity and debt provided by
commercial and multilateral finance institutions attracted
by the return rates and environmental and social benefits of
the renewable projects. In selected projects, we seek a more
capital-light model through a layered ownership structure
that reduces the project’s equity requirement while we retain
control and increase value creation.
In our role as developer and EPC provider, we aim to achieve
a gross development & construction margin of 10-12 per
cent for our projects under construction and in backlog, and
8-10 per cent for our pipeline projects.
These margins can be used to fund a substantial part of our
equity investment in the project. Revenue from this segment
represents up to 80 per cent of project capex, depending
on the type of technology and project structure. Once oper-
ational, we seek additional value uplift to project returns
through refinancing at improved financing terms and asset
rotation.
Strong focus on capital efficiency
Illustrative project breakdown
Robust project equity returns
%
Capital efficiency project breakdown
Scatec
equity
Gross
margin
D&C
revenue
Scatec
equity
Equity
partner
EquityDebt
ﬁnancing
Capex
100%
75
%
25%
12.5%
Even lower equity
with platforms
Capture value
through asset
rotation,
reﬁnancing
or ownership
12.5%
80%
8%
4.5%
Capital efficiency based on operations
Asset
rotation
ReﬁnancingIntegrated
IRR
Construction
1)
Operations
(Power Production
+ Services)
IRR
-15%
IRR
-30%
IRR upliꢀ
from
inhouse D&C
organisation
Further upliꢀ
post-COD
through
reﬁnancing
divestments & farm-downs
1)
Project equity IRR from construction calculated based on development &
construction gross profit with a project leverage and EPC-scope of 80-85%,
equity share of 51% and development & construction gross margin of 10-12%
Scatec ASA
Integrated Annual Report 2024
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A diversified asset portfolio
based on long-term contracts
Power plants in operation
Country
Technology
Capacity
MW
Economic
interest
South Africa
730
41
%
Brazil
693
33
%
Philippines
673
50
%
Laos
525
20
%
Egypt
380
51
%
Ukraine
336
89
%
Uganda
255
28
%
Malaysia
244
100
%
Pakistan
150
75
%
Honduras
95
51
%
Jordan
43
62
%
Vietnam
39
100
%
Czech Republic
20
100
%
Release
38
68
%
Total
4,221
4
9%
Under construction
Country
Technology
Capacity
MW
Economic
interest
Grootfontein, South Africa
273
51
%
Urucuia, Brazil
142
100
%
Tunisia portfolio
120
51
%
Mmadinare, Botswana
120
100
%
Mogobe, South Africa
103
51
%
Release
9
68
%
Total
7
6
7
68%
Project backlog
Country
Technology
Capacity
MW
Economic
interest
Egypt
1,125
100
%
Egypt
H
2
290
52
%
South Africa
288
51
%
Romania
190
65
%
Philippines
56
50
%
Total
1,
9
4
9
8
1
%
Project pipeline
Technology
Capacity
MW
Share
in %
Solar
6,258
62
%
Wind
2,274
22
%
Green Hydrogen
980
10
%
Release
300
3
%
Storage
160
2
%
Hydro
144
1
%
Total
10,11
6
100
%
Power production
by technology
Share of renewable energy
Power production
EBITDA distribution
Offtake structure
Hy
dr
o
Sol
ar
Wind
2%
58%
39%
4,286
GWh
77%
23%
Merchant/short-term PPAs
Long-term PPAs
77%
Long-term
PPAs
Focus markets
Other
9%
91%
38%
Solar
Wind
Storage
Release
Green Hydrogen
62%22%
10%
3%
2%
Hydro
1%
10
.1
GW
100%
South Africa
2)
Philippines
Ukraine
Uganda
Egypt
2)
Malaysia
Laos
35%
19%
10%
7%
6%
6%
6%
3%
Czech
Republic
Jordan
Brazil
Vietnam
Pakistan
Honduras
4%
2%
3%
1%
1%
4,642
MNOK
11.8
GW
Pipeline by technology
Pipeline & backlog
1)
Portfolio as at Q4 2025 reporting date
1)
Scatec ASA
Integrated Annual Report 2024
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Corporate governance
Scatec is strongly committed to ensuring trust in the company
and enhancing shareholder value through effective decision-
making and open communication between management, the
Board of Directors, shareholders and other stakeholders.
The company’s corporate governance is designed to ensure
robust management and allocation of responsibilities,
decrease business risk, maximise value and utilise the compa-
ny’s recourses in an efficient, sustainable manner in line with
Scatec values to the benefit of shareholders, employees and
society at large.
Implementation and reporting on
corporate governance
This report is prepared in line with the Accounting Act section
2-9 and the Company complies with the Norwegian Code
of Practice for Corporate Governance (the Code of Practice)
based on the “comply or explain” principle. The report covers
all sections and any deviations between the Company’s
corporate governance and the Code of Practice is explained
under each section if applicable.
The Board of Directors is responsible for ensuring that the
Company conducts its business using sound corporate
governance in line with the Code of Practice as adopted
in overarching guidelines for corporate governance. This
includes rules of procedure for the Board of Directors and
related Committees, manual on disclosure of information and
insider manual, as well as ethical guidelines and guidelines for
sustainable responsibility.
The company’s corporate governance framework is subject to
annual reviews by the Board of Directors.
Business
The Company’s business is defined in the Company’s arti-
cles of association (the “Articles of Association”) section 3:
“The company’s business is establishment and operation of
business within renewable energy, hereunder investment
in companies operating such business.” Refer to section
‘Sustainable renewables growth’ for information about busi-
ness model and strategic ambitions evaluated by the Board of
directors.
The Scatec Share
Scatec ASA is listed on the Oslo Stock Exchange under the
ticker ‘SCATC’. Scatec share capital was NOK 3,972,932,
divided into 158,917,275 shares at year-end 2024, each with a
nominal value of NOK 0.025.
The Company has one class of shares, and all shares carry
equal rights in the Company. There are no limitations on a
party’s ability to own, trade or vote for shares in the Company.
On 31 December 2024, the
number of shareholders
was 13,312.
During 2024, Scatec’s share price increased by 3.2 per cent.
The Board of Director’s continuously evaluate the capital
structure in the light of its objectives, strategy and risk profile.
At 31 December 2024, the Company’s consolidated equity
was NOK 12,764 million, equal to 28% of total assets, which is
considered satisfactory.
In 2023, the Board of Directors changed the dividend policy to
no dividend. The dividend policy will be assessed annually by
the Board based on Scatec’s capital situation.
The Board is authorised by the Annual General Meeting held
18 April 2024 to increase the Company’s share capital or
acquire treasury shares until the General Meeting of 2025,
for the purpose of:
•
issuing shares as transaction currency in connection with
acquisitions of business, purchase of treasury shares in
connection with acquisitions, mergers, demergers, other
transactions or investment or for subsequent sale or dele-
tion of such shares limited to NOK 397,293. As per the date
of this document, the authorisation has not been used.
•
issuing of shares or purchase treasury shares in connec-
tion with the Company’s incentive scheme limited to
NOK 70,036. The authorisation was partly used when
completing the buyback for Employee Share Purchase
programme 13 June 2024 by acquiring 50,162 shares at an
average volume weighted price per share of NOK 84.6157.
Scatec ASA
Integrated Annual Report 2024
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Integrated Annual Report 2024
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