Back to the complete issue
Thursday, 19 September 2019

Scatec Solar raises capacity target

(Potential) INVESTMENT WATCH- Scatec Solar raises capacity target. Let’s hope Egypt is a recipient of any new investments: Norwegian solar power plant company Scatec Solar plans to raise its capacity buildup target for solar power by 1 GW to 4.5 GW by the end of 2021, the company said yesterday. The company also set a new annual growth target of 1.5+ GW from 2022 onwards. “We are raising our growth ambitions, driven by a strong solar market and a steadily increasing pipeline of high quality projects,” Scatec Solar CEO Raymond Carlsen said. Egypt had been a significant investment for the company, which had embraced the Benban solar park and built solar power plants there. The company announced last month that it had begun commercial operations at its fifth 65 MW solar plant in Egypt, raising the Norwegian company’s total output in the country to 325 MW. It stands to reason that Egypt is a strong candidate for investment by the company when it looks to raise capacity. The company had grown its overall backlog to 5.6 GW from 3.9 GW since May 2018.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.