Scatec Focuses on Growth With New Strategy

Oslo, Norway - The former Scatec Solar ASA is history, the Norwegian company is expanding its division and also changing its name.

Back in October 2020, Scatec announced the acquisition of the large hydropower company SN Power from the private equity company Norfund. At the same time, the company published its intention to change the name from Scatec Solar to Scatec to represent a broader renewable energy company in the future. The new name was approved at the Extraordinary General Meeting on November 16, 2020.

Raymond Carlsen, CEO of Scatec: "2020 was a monumental year for Scatec. During the crisis, we made the greatest expansion since our establishment, by broadening our strategy and acquiring SN Power. I am therefore pleased to start the new year by unveiling a profile and logo supporting our ambition to become a global large-scale player in solar, hydro, wind and storage solutions, and an integrator of high-value infrastructure solutions."

Since 05 January 2020, Scatec's new direction as a global large-scale RE provider has been presented. On that day, Scatec ASA will also change its ticker symbol on the Oslo Stock Exchange from SSO to SCATC. The ISIN number remains unchanged.

Scatec ASA's realignment and acquisition of SN Power for US$1.166 billion is going down well with investors. After the COVID-19-related share price collapsed in March 2020 to below 10 euros, it recovered strongly. Currently (11.01.2020), the Scatec share, which is listed in the global share index RENIXX, is trading significantly higher at around 37 euros. The SN Power transaction is still subject to customary regulatory approvals and local competition approvals and is expected to close in the first half of 2021, according to Scatec. Until then, the two companies will continue to operate as separate entities, but integration work has long since begun.

Source: IWR Online, 11 Jan 2021