Scatec

What Scatec does

Scatec ASA is a Norwegian publicly-listed renewable energy independent power producer (IPP) founded in 2007 and headquartered in Oslo, operating across more than 20 countries on five continents. The company develops, builds, owns, and operates utility-scale solar photovoltaic, wind, and battery energy storage system (BESS) plants, with 6.4 GW of generation capacity and 2 GWh of storage in operation or under construction, plus a backlog of 5.3 GW solar and 4.7 GWh BESS. Its flagship projects include the 1.95 GW Energy Valley and 1.1 GW Obelisk hybrid solar-plus-storage developments in Egypt, and it is expanding into green hydrogen and ammonia production through the USD 873 million Damietta facility. The portfolio spans utility-scale plants (60 MW to 1.1 GW), wind projects such as the 900 MW Shadwan, and grid-scale BESS installations including a 200 MWh system at the Obelisk site.

Scatec generates revenue through two primary channels: (1) Power Production via long-term 15-30 year Power Purchase Agreements (PPAs) with national utilities, state transmission companies, and industrial offtakers, typically USD-denominated and inflation-adjusted, producing predictable recurring cash flows; and (2) EPC and Asset Management services where Scatec acts as engineering, procurement, and construction contractor (covering ~75-80% of project capex) and long-term O&M operator. The company operates a capital-light model by partnering with Development Finance Institutions (EBRD, EIB, IFC, AfDB, BII, Norfund) and strategic investors (Equinor, EDF, Toyota Tsusho/Aeolus) at the project level, while retaining operational control and majority ownership stakes. Its Release by Scatec subsidiary offers modular solar PV and battery storage leasing to utilities in emerging markets with limited infrastructure.

The customer base is dominated by government utilities and large industrial off-takers in emerging markets (EETC in Egypt, STEG in Tunisia, Egypt Aluminium, Fertiglobe, MOPCO, BTG Pactual in Colombia). Revenue is highly concentrated by counterparty and country, particularly Egypt, but the long-duration PPA structure with sovereign-backed counterparties provides multi-decade revenue visibility. The company employs approximately 859 people across 51 nationalities, maintains ISO 9001/14001/45001 certifications, and has raised cumulative debt and equity exceeding NOK 4 billion through green bond issuances on Oslo Børs. Scatec is listed on the Oslo Stock Exchange under ticker SCATC, with Equinor (8.05%) as a notable shareholder following a 2026 stake reduction.

Name

Scatec

Legal name

Scatec ASA

Website

https://scatec.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Scatec ASA is a Norwegian publicly-listed renewable energy IPP that develops, builds, owns, and operates utility-scale solar, wind, and battery storage projects across 20+ emerging markets, generating revenue primarily through 15-30 year PPAs with governments, utilities, and industrial off-takers.

Ownership category

akta.pro rank

Product category

Utility-Scale Renewable Energy

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation, Transmission and Distribution (2211), Electric Bulk Power Transmission and Control (221121)

SIC

Electric Services (4911), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

akta.pro secondary industries

Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB), Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF), Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

Keywords

• Utility-scale solar power
• Battery energy storage
• Renewable energy development
• Power purchase agreements
• Solar EPC services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Power Production: Scatec develops, builds, owns, and operates utility-scale renewable energy plants (solar, wind, hydro). Revenue is generated through long-term Power Purchase Agreements (PPAs) with utilities, governments, and corporate off-takers, typically 20-30 year contracts providing predictable cash flows. The company maintains majority ownership while bringing in equity partners to optimize capital structure.
2. EPC Services: Scatec serves as Engineering, Procurement & Construction (EPC) provider for its projects, covering approximately 75-80% of project capex, providing asset management and O&M services to the plants it develops.
3. Release (Rented Solar/Battery): Scatec's Release subsidiary provides rented solar PV and battery storage systems under a leasing model, offering modular, scalable solutions for utilities and commercial customers in countries with limited infrastructure.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Scatec develops, finances, builds, owns, and operates utility-scale solar, wind, and battery energy storage power plants, selling the generated electricity to utilities, governments, and industrial off-takers under long-term Power Purchase Agreements (PPAs). The company also provides engineering, procurement and construction (EPC), operations and maintenance (O&M), and asset management services for its renewable energy projects, and through its Release by Scatec subsidiary offers modular solar PV and battery storage leasing solutions in emerging markets.

Product overview

Scatec is a leading renewable energy solutions provider offering an integrated platform spanning project development, financing, construction, ownership, and operations of utility-scale clean energy assets. The company's product portfolio comprises utility-scale solar photovoltaic plants (ranging from 60 MW to 1.1 GW), wind power projects (including the 900 MW Shadwan wind project), battery energy storage systems (up to 3.9 GWh), and green hydrogen/ammonia production facilities. Scatec delivers these as a full-service provider—acting as lead developer, EPC contractor, and operator—while also partnering with institutional investors and development finance institutions for capital structuring. A distinct sub-brand, Release by Scatec, provides modular solar PV and battery storage leasing solutions for distributed and emerging market applications. Key flagship projects include the Obelisk hybrid solar-plus-storage project (1.1 GW solar + 200 MWh BESS) and Energy Valley (1.95 GW solar + 3.9 GWh BESS) in Egypt, among 6.4 GW of generation and 2 GWh of storage capacity in operation and under construction across five continents.

Differentiator

Problem solved

Functional benefit

Brands

• Release by Scatec: Lease-based solar PV and battery storage solutions for emerging markets, part of Scatec's capital-light business model

Products and services

• Release by Scatec A modular solar PV and battery storage leasing solution enabling utilities and commercial customers in countries with limited infrastructure to add power generation capacity without heavy upfront capital investments. Currently deployed in Liberia, Sierra Leone, Chad, and São Tomé and Príncipe.
• Obelisk Solar and Storage Project (Egypt) A 1.1 GW solar PV facility combined with a 100 MW/200 MWh battery energy storage system in Nagaa Hammadi, Qena Governorate, Egypt. Phase 1 (561 MW solar + 100 MW/200 MWh BESS) reached commercial operation; Phase 2 (564 MW) under construction. Africa's largest hybrid solar-plus-storage installation, with Egypt Aluminium as a 25-year PPA off-taker.
• Energy Valley Project (Egypt) A 1.95 GW solar project with 3.9 GWh battery storage in Minya Governorate, Egypt, signed under a 25-year USD-denominated pay-as-produced PPA with the Egyptian Electricity Transmission Company (EETC). Described as the largest solar and BESS installation in Africa and Scatec's largest investment to date, with financial close expected in H2 2026.
• Sidi Bouzid II Solar Plant (Tunisia) A 120 MW solar power plant in Tunisia's Sidi Bouzid region, co-owned 50-50 with Aeolus SAS (Toyota Tsusho Group). EUR 96 million project financed by EBRD and EIB with EU grant support. Expected to generate 276 GWh annually and reduce CO2 emissions by approximately 107,000 tonnes per year, targeting commercial operation in H2 2027.
• Barzalosa Solar Project (Colombia) A 130 MW solar power plant in Colombia with estimated capital expenditure of USD 121 million. Backed by a 15-year PPA with BTG Pactual covering approximately 85% of output, financed with approximately 70% leverage. Scatec holds 65% equity with Norfund; commercial operation targeted for H1 2027.
• Thakadu Solar Plant (South Africa) A 255 MW solar power plant in South Africa developed by Lyra Energy (a joint venture between Scatec, Standard Bank, and Stanlib). USD 240 million capex, with power purchase agreements signed with three major commercial and industrial consumers. Construction began in early 2026, targeting commercial operation in H1 2027.
• Grootfontein Solar Power Plant (South Africa) A 273 MW solar power plant in South Africa benefiting from a 20-year power purchase agreement. Expected to generate 700 GWh of electricity annually and reduce CO2 emissions by approximately 630,000 tonnes per year.
• Damietta Green Ammonia Project (Egypt) A USD 873 million green ammonia plant in New Damietta developed in partnership with Yara International, Egypt's MOPCO, and Orascom Construction. Project is in the Front-End Engineering Design phase and targets operations in Q3 2028, with partial production of the associated 100 MW green hydrogen facility already commenced in the Ain Sokhna Industrial Zone.
• Sidi Bouzid and Tozeur Solar Plants (Tunisia) Two 60 MW solar plants in Tunisia's Sidi Bouzid and Tozeur governorates, developed in partnership with Toyota Tsusho Corporation via its Aeolus subsidiary. EUR 79 million per plant financed by EBRD and Proparco, with 30-year PPAs with STEG. Combined output projected at approximately 288 GWh of renewable electricity per year, avoiding over 115,000 tonnes of CO2 annually.
• Romania Solar Projects A 190 MW solar portfolio in Romania comprising three solar plants in the Oltenia region, financed with approximately 70% leverage through EIB, EBRD, and Banca Comercială Română. Capex of EUR 121 million with commercial operation expected in H2 2027. Two plants have secured contracts for difference under Romania's 2024 CfD auction.
• Botswana Mmadinare Solar Complex A 120 MW solar complex in Mmadinare, Botswana, with a 60 MW initial phase, representing Scatec's entry into the Botswana market through competitive tender processes.
• Development, EPC, O&M, and Asset Management Services Full-service capabilities spanning project development, engineering procurement and construction (EPC), operations and maintenance (O&M), and asset management for utility-scale renewable energy plants. Scatec serves as lead developer, EPC contractor (covering approximately 75-80% of capex), and operator across its global portfolio.

Quantifiable outcome

• 7 million people powered annually
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Aeolus SAS (Toyota Tsusho Group)coreStrategic or Co-development Partner · 17 June 2026Scatec partners with Aeolus SAS, part of Japanese conglomerate Toyota Tsusho Group, for solar projects in Tunisia. Jointly developing 120 MW Sidi Bouzid II and operating existing 100 MW of solar plants (Sidi Bouzid and Tozeur). Both companies hold 50% ownership, with Scatec providing EPC, asset management, and O&M services.
• AboitizcoreStrategic or Co-development Partner · 15 May 2026Partnership with Aboitiz for battery energy storage systems at Magat hydroelectric plant in Philippines, expanding renewable energy infrastructure in the region.
• FertiglobecoreStrategic or Co-development Partner · 6 May 2026Fertiglobe serves as primary off-taker for the Obelisk green hydrogen project in Egypt, which will convert green hydrogen to green ammonia. Project located in Suez Canal Economic Zone.
• Orascom ConstructioncoreStrategic or Co-development Partner · 6 May 2026Partner in Egypt's green ammonia project at Damietta and Obelisk green hydrogen initiative, bringing construction expertise to the projects.
• Sovereign Fund of EgyptcoreStrategic or Co-development Partner · 6 May 2026Egyptian sovereign wealth fund is a partner in green hydrogen and ammonia projects in Egypt, supporting national energy transition strategy.
• EquinorminorStrategic or Co-development Partner · 14 April 2026Equinor initially held 16.12% stake in Scatec, reduced to 8.05% after selling 8.07% stake. Companies maintain operational partnerships in Brazil where they jointly operate Apodi and Mendubim solar assets.
• Lyra Energy (Standard Bank and Stanlib)coreStrategic or Co-development Partner · 9 March 2026Joint venture renewable energy platform in South Africa owned by Scatec, Standard Bank, and Stanlib. Developing 255 MW Thakadu solar project with power purchase agreements with three major commercial and industrial consumers.
• EDF Power SolutionscoreStrategic or Co-development Partner · 8 December 2025EDF Power Solutions acquired 20% stake in the 1.1 GW Obelisk solar-plus-storage project in Egypt, joining Scatec (60%) and Norfund (20%).

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• ACWA Power: Saudi-listed international IPP and water desalination developer, with a directly comparable business model: develop-build-own-operate utility-scale solar/wind/storage in emerging markets, financed with DFI and strategic equity partners under long-term PPAs with sovereign off-takers. Closest comparable to Scatec's Egypt, Tunisia, and South Africa footprint.
• Masdar: Abu Dhabi-based renewable energy developer (now part of TAQA/ADNOC) developing utility-scale solar, wind, and green hydrogen projects across the Middle East, Africa, and emerging markets under long-term PPAs. Closely matches Scatec's emerging-market IPP focus and capital-partnered project finance approach.
• AMEA Power: Dubai-based IPP developer (now majority-owned by Masdar) actively building utility-scale solar, wind, and storage projects across Africa and the Middle East with sovereign PPAs and equity-partner financing. Directly comparable in target geographies (Egypt, Tunisia, West Africa) and customer base to Scatec.
• Mainstream Renewable Power: Ireland-based renewable IPP specialising in wind and solar development across Latin America, Africa, and Southeast Asia under long-term PPAs. Operates a similar develop-finance-sell model with institutional equity partners, overlapping with Scatec's emerging-market portfolio strategy.
• Lightsource bp: Global solar developer and IPP majority-owned by bp, with utility-scale solar and storage projects across the Americas, EMEA, and APAC under long-term corporate and utility PPAs. Comparable in scale, capital-partnered project finance approach, and renewable-only focus to Scatec.

Broad incumbents

• Engie: French global utility with a large renewable energy development arm across solar, wind, and storage in emerging markets including North Africa and Sub-Saharan Africa. Overlaps with Scatec in target geographies and customer types but operates as part of a much larger, diversified gas-and-power portfolio.
• Enel Green Power: Renewable energy arm of Italian utility Enel, one of the world's largest wind and solar operators with projects across Latin America, Africa, and other emerging markets. Comparable in technology mix (solar, wind, storage) but operates at significantly larger global scale and broader portfolio.
• Iberdrola: Spanish global utility with one of the largest renewable generation footprints worldwide, including solar, wind, and BESS in the Americas, Europe, and Australia. Overlaps with Scatec in technology stack and customer-utility PPA structure but at a meaningfully larger scale.
• EDF Renewables: Renewable energy arm of French utility EDF, with utility-scale solar, wind, and storage projects across Europe, the Americas, Africa, and the Middle East. Already a partner on Scatec's Obelisk project (20% stake), indicating close operational and strategic overlap as both a competitor and co-investor.
• Brookfield Renewable: NYSE-listed global renewable IPP with one of the largest operating renewable portfolios (hydro, wind, solar, storage) across the Americas, Europe, and Asia. Comparable in long-duration, contracted renewable cash-flow model but at materially larger scale and broader geographic scope than Scatec.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/scatec-solar
• Xx.com/scatecsolar

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds17 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Scatec