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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.

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