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Financial review

Group – Proportionate financials

2020 proportionate revenues were NOK 2,844 million, a decreased by 55% from 2019 with lower construction activity, partly offset by higher power production revenues.

With a larger portfolio of power plants in operation, both revenues and EBITDA increased in Power Production, while decreasing in the Development & Construction segment. This change in segment mix resulted in a higher EBITDA margin for the Group compared with the previous year.


Renewable energy is expected to see continued strong growth in 2021, primarily marked by wind and solar reaching new highs in installed capacity. The growth is driven by increasing energy demand, cost reductions and an enabling policy environment as countries set the stage to meet net-zero commitments.

According to Bloomberg New Energy Finance (BNEF), global electricity demand saw a 5 % drop in 2020, but it is expected to grow again in 2022 with a 60 % increase towards 2050. The rising demand is largely driven by consumption growth in non-OECD countries and will primarily be met by renewable energy supply. Solar, wind, hydro and energy storage is expected to work complementary and are estimated to represent 73 % of the global energy mix in 2050, with solar and wind accounting for 58 % and hydro and energy storage contributing another 15 %.

The energy transition attracted investments of more than USD 500 billion in 2020. Out of the total, renewable energy accounted for 61%, a new level which is expected to remain in 2021. A total of USD 15.1 trillion, of which about 73% in renewables, is estimated to be invested in new capacity between 2020 and 2050, with an average of almost USD 500 billion per year. Around 92% of this is estimated for electricity generating capacity and 8% for storage.

In 2020, Scatec broadened its growth strategy and entered into an agreement to acquire SN Power. With SN Power integrated, Scatec significantly increases scale and cash flow from operating plants with a total of 3.3 GW in operation and under construction. In addition, the first wind project was added to the portfolio, and Scatec is investing in other renewable energy solutions such as floating solar, storage and containerised solar through the Release concept.

In March 2021, Scatec announced a NOK 100 billion business plan towards 2025 and updated its financial and operational targets. The current 4.5 GW capacity target for 2021 was confirmed and a new target of 15 GW by the end of 2025 was introduced. The business plan is supported by Scatec’s track record of strong growth and a solid project pipeline across solar, wind, hydro and storage in high-growth markets globally. The 12 GW of new capacity, will require an estimated NOK 100 billion in investments, of which NOK 15-20 billion will be funded by Scatec equity. Solid long term cash flows from operating power plants and margins from development and construction of new plants are expected to fund a major part of this equity.

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