Scatec Enters Onshore Wind in Romania as Power Production Rises 21 Percent in Second Quarter
Oslo – Norwegian renewable energy company Scatec is expanding its portfolio across technologies and markets. Having secured financing for a wind project in Romania, the company is entering onshore wind power in Europe for the first time, adding to its existing solar business in the country.
Financing Secured for 77 MW Urleasca Wind Project
With the 77 MW Urleasca wind farm, Scatec is starting construction on its first onshore wind project in Europe. The project complements the 190 MW Dobrun and Sadova solar projects that Scatec is also currently building in Romania.
Total costs are around EUR 168 million, according to the company, financed through a mix of debt and equity at a gearing ratio of around 60 percent. Erste Group and Banca Comercială Română (BCR) have been mandated as lead arrangers and underwriters for the debt financing, while Scatec holds 100 percent of the project. Swedish developer OX2, headquartered in Stockholm, will manage construction through to commissioning, planned for the second half of 2028. Scatec will subsequently handle operations, maintenance and asset management.
Second Quarter: Power Production Up 21 Percent, Construction Margin at 24 Percent
Alongside the Romania announcement, Scatec this week reported results for the second quarter of 2026. From April to June, the company generated proportionate revenue of NOK 2,286 million, or EUR 210.4 million (Q2 2025: NOK 2,302 million, or EUR 211.8 million). Proportionate revenue reflects the share attributable to Scatec based on its respective ownership stake in each project. EBITDA for the quarter came to NOK 1,016 million, or EUR 93.5 million (Q2 2025: NOK 1,130 million, or EUR 104.0 million). Power production rose 21 percent to 1,135 GWh, driven mainly by newly commissioned projects.
In the Development & Construction (D&C) segment, Scatec reported revenue of NOK 1,231 million, or EUR 113.3 million (Q2 2025: NOK 976 million, or EUR 89.8 million), and EBITDA of NOK 234 million, or EUR 21.5 million (Q2 2025: NOK 49 million, or EUR 4.5 million). The gross margin in the D&C segment stood at 24 percent, well above the company's target range of 10 to 12 percent.
At group level, net income came to NOK -157 million, or EUR -14.4 million (Q2 2025: NOK 314 million, or EUR 28.9 million).
In addition to the construction start in Romania, several other projects reached commercial operation during the quarter, including Phase 2 of the Obelisk solar plant in Egypt (563 MW). The Buciumi battery storage project in Romania (89 MW capacity, 178 MWh storage capacity) was also added to the project backlog. Scatec further announced a new bond issue of NOK 1,000 million, or EUR 92.0 million, to refinance its most expensive corporate bond.
According to Scatec CEO Terje Pilskog, the company continues to make progress on its construction portfolio, with plants already in operation now contributing significantly to power production and revenue. The company said it remains on track to meet its targets for 2026.
Outlook: Scatec Expects Further Growth in Production and Earnings
For 2026, Scatec expects proportionate power production of between 5.05 and 5.35 TWh and EBITDA from power generation of between NOK 3,600 million and NOK 3,900 million, or EUR 331.3 million to EUR 358.9 million. With the Romania project, Scatec is adding a further technology to its portfolio while continuing to expand its presence across multiple markets.
Scatec Share Price Down
Scatec shares, listed on the RENIXX World index, fell 1.8 percent over the past week to EUR 8.90. The shares are trading close to their level at the start of the year (closing price on December 30, 2025: EUR 8.94).
Source: IWR Online, 26 Aug 2026
