Norway's Scatec Solar ASA announced a new growth target of 2 gigawatts (GW) on Wednesday to bring its total installed capacity above 3.5 GW by the end of 2021.
"This year, we deliver on our 1.5 GW growth target, and we now move forward with a target of more than doubling installed capacity by end 2021," CEO Raymond Carlsen said in a stock exchange notice.
"Execution of the existing portfolio together with new growth - primarily through new large-scale PV opportunities - are the main building blocks of our growth plans", he explained.
The chief official also spoke of "attractive opportunities for Scatec Solar within the market for corporate power purchase agreements and hybrid solutions".
"As our business is rapidly expanding, we also see opportunities to further enhance value of our asset portfolio through debt refinancing and asset rotation," he said.
According to the statement, 20-25 years of annual cash flow from 3.5 GW of operating power plants is expected to reach NOK 750-850 million ($91.3 million to $103.5 million).
Development and construction is expected to have a net contribution of NOK 2.0-2.5 billion ($243.7 million to $304.7 million), it said.
Scatec Solar has an installation track record of 1,000 MW with the company producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan. The company has a further 1,092 MW under construction.
The company also has a project backlog and pipeline of 4.0 GW under development in the Americas, Africa, Asia and the Middle East.
By Hale Turkes