OSLO (Sept 18): Norway's Scatec Solar, which builds and operates solar power plants, on Wednesday raised its capacity outlook due to strong demand for renewable energy.
Oslo-listed Scatec now aims to increase its capacity to 4.5 gigawatt (GW) of electricity by the end of 2021, up from 1.9 GW currently and exceeding its previous target of 3.5 GW.
The company also set a target of adding a further 1.5 GW of capacity each year from 2022 onwards, it said in a statement.
"We are raising our growth ambitions, driven by a strong solar market and a steadily increasing pipeline of high quality projects," Chief Executive Raymond Carlsen said.
The shift to renewable energy is driven both by governments and corporate demand, he added.
The company has operations in 13 countries, including South Africa, Egypt, Malaysia, Brazil and Ukraine.
Scatec's revenue rose by 76% year-on-year in the first-half of 2019 to 3.18 billion Norwegian crowns (US$356 million).
Its share price has doubled since October 2018, valuing the company at 12.1 billion Norwegian crowns, compared with little change in the Oslo benchmark index.
(US$1 = 8.9435 Norwegian crowns)