EnergyWatch

Norwegian solar developer books strong top and bottom line growth

2018 was a record year for Scatec Solar, which develops solar farms in developing countries. The company has succeeded in increasing energy generation by 50 percent.

Norwegian solar developer Scatec Solar's sharp, exclusive focus on growth markets in developing countries now seems to be paying off. The Oslo-listed company is responsible for a long series of energy projects supported by the Norwegian state's development aid capital, and the developer tripled its revenue in 2018 to NOK 4.7 billion (EUR 480 million), while the bottom line grew by NOK 200 million to NOK 961 million, shows the firm's annual financial report.

The major growth in revenue its attributable to Scatec Solar having accelerated development and construction activities, while at the same time several of its solar farm got grid connections, thereby delivering both power volume and earnings.

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