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July 30, 2015 4:18 AM ET

Independent Power and Renewable Electricity Producers

Company Overview of Scatec Solar ASA

Company Overview

Scatec Solar ASA operates as an integrated independent solar power producer worldwide. The company operates through three segments: Power Production, Operation and Maintenance, and Development and Construction. It is involved in the project development and design, financing, engineering, procurement, construction management, operation and maintenance, and asset management of solar photovoltaic power plants. The company operates three solar power plants with a total capacity of 190 MW in South Africa; four plants with a total capacity of 20 MW in the Czech Republic; and one 8.5 MW solar plant in Rwanda. Scatec Solar ASA was founded in 2007 and is headquartered in Oslo, Norway.

Karenslyst Allé 49

Oslo,  0279


Founded in 2007

92 Employees


47 48 08 55 00

Key Executives for Scatec Solar ASA

Chief Executive Officer
Age: 60
Total Annual Compensation: $2.5M
Chief Financial Officer
Total Annual Compensation: $1.1M
Executive Vice President of Project Development & Project Finance
Total Annual Compensation: $1.8M
Executive Vice President of Power Production & Asset Management
Total Annual Compensation: $1.7M
Executive Vice President of Business & People Development
Total Annual Compensation: $1.5M
Compensation as of Fiscal Year 2014.

Scatec Solar ASA Key Developments

Scatec Solar ASA Agrees to Build 33-MW Solar Project in Mali

Scatec Solar ASA announced that it has signed a deal to build, own and operate a 33-MW solar power plant in Mali that would be West Africa's first utility-scale photovoltaic (PV) park. Scatec, with a 50% stake, will realise the EUR 52-million project in partnership with the World Bank's IFC InfraVentures and local developer Africa Power 1, which in turn will hold 32.5% and 17.5% stakes, respectively. The 33-MW Segou solar farm will consist of some 130,000 PV modules capable of generating about 60 GWh of electricity per year, or enough to meet 5% of Mali's total electricity consumption. The plant will sell its output under a 25-year power purchase agreement (PPA) with local utility Electricite du Mali (EDM). The International Finance Corp. (IFC) is expected to arrange EUR 23 million in debt funding for the project, which has also received a concessional loan from the Climate Investment Fund. The project partners will provide 25% of the needed funding as equity.

Scatec Solar to Build First Large Scale Solar Power Plant in West Africa

An historic agreement to Build-Own-and Operate West Africa's first utility-scale solar power plant was signed here by Norwegian company Scatec Solar and its partners, the Malian Ministry of Energy and Water and Electricite du Mali (EDM), the electricity utility of Mali. To be located near the ancient city of Segou in South-East Mali, 240 kms from Bamako, the 33 MW solar project is being developed in partnership with IFC InfraVentures and the local developer Africa Power 1. Agreements include a Power Purchase Agreement (PPA) between EDM and Segou Solaire SA, the local project company controlled by Scatec Solar, for the delivery of solar power over the next 25 years. The PPA with the utility is complemented by a Concession Contract with the Government of Mali, granting license to Segou Solaire to operate. Scatec Solar ASA (SSO) will own 50% of the power plant and World Bank's IFC InfraVentures, will hold 32.5%, while the local project development company, Africa Power 1, headed by Mr. Ibrahim Togola, will hold 17.5%. Scatec Solar will construct the plant, and in addition, provide operation and maintenance services after the plant is connected to the grid. Annual production from the 33 MW solar power plant is estimated to be 60,000 Megawatts hour (MWh). The ground-mounted photovoltaic (PV) solar plant will deploy approximately 130,000 PV modules on a fixed tilt system and will connect to an existing transmission line. This will provide clean and affordable energy to a country in dire need for more power generation capacity to support further economic growth. The power generated from the plant represents 5% of Mali's total electricity consumption, equal to the electricity consumption of 60,000 households. During the construction phase, the project will provide 200 local jobs. As part of Scatec's corporate philosophy, special emphasis will be put on transferring technical expertise to the local community. In an era of climate change concerns, the 33 MW Segou solar power plant is an important initiative to reduce carbon emissions in the power sector in West Africa. When completed, the plant will reduce CO2 emissions by about 46,000 tons. Scatec Solar and EDM will jointly register the project with the United Nations CDM (Clean Development Mechanism) under Scatec Solar's program for solar projects in Africa. This allows generation of revenues from the sale of international carbon credits. The project with a total cost of EUR 52 million is to be financed through 45% senior project finance debt. IFC will arrange the Debt for a total amount of EUR 23 million (of which it will itself fund EUR 13 million).Further, the project has already been granted a concessional loan that will cover 30% of the total project costs from Climate Investment Fund through the program Scaling Up Renewable energy in Low Income Countries Program (SREP). The remaining 25% is provided as equity by the project partners. Financial close is expected before the end of this year.

Scatec Solar and Nizam Energy to Build Close to USD 300 Million Solar Power Plants in Pakistan

Scatec Solar and Nizam Energy signed an agreement to jointly develop and Build-Own-and-Operate solar power plants in Pakistan. The development and financing of the 150 Megawatts (MW) solar plants are expected to be completed towards the end of 2015, with construction starting in the first quarter of 2016. Located in Sindh province, the photovoltaic plants involve an initial investment of nearly USD 300 million. The projects, comprising three plants generating 50 MW each, is to be completed in about a year. An additional 150 MW is planned to be developed in a second stage, bringing the total investment to nearly USD 600 million. The 150 MW plants will be able to power about 150, 000 homes during peak daytime hours. The solar projects aim to stimulate investment from global and local investors in Pakistan. They will provide more than 1,000 jobs to people in the region during the construction phase. Thereafter, for the long term operation of the plants, 60 people will be employed. As in all other countries where it operates, Scatec Solar will put special emphasis on transferring technical expertise to the local community. In the run-up to the UN Climate Summit in Paris this December, there is widespread demand for clean energy. These solar energy projects will combat climate change by reducing CO2 emissions by about 300,000 tons when completed. Pakistan's Central Power Purchasing Agency (CPPA) will purchase the electricity generated by the joint venture for a duration of 25 years and will receive 50% of the revenues from Carbon Credits generated by the project. From the 150 MW solar plants, an estimated 290 Gigawatt hour (GWh) of electricity per year will be added to the grid, which will go up to about 580 GWh when the second stage is completed.

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