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Scatec Solar targeting up to 3.5 GW capacity by end of 2021

Scatec Solar ASA management said the company is setting a new growth target of 2,000 MW, expanding its total capacity to over 3,500 MW through the end of 2021.

The Oslo-headquartered company said it expects 3,500 MW of operating power plants to generate annual cash flow of 750 million Norwegian kroner to 850 million kroner over 20 years to 25 years.

Scatec Solar CEO Raymond Carlsen said during a May 30 capital markets update that execution of the existing portfolio along with expansion plans will be "primarily through new large-scale PV opportunities."

The development and construction net contribution is expected to be in the range of 2 billion kroner to 2.5 billion kroner, or roughly 12% to 15% of gross margin.

"As our business is rapidly expanding we also see opportunities to further enhance value of our asset portfolio through debt refinancing and asset rotation," Carlson said.

Scatec Solar is an integrated independent solar power producer with an installation track record of 1,000 MW.

As of May 30, US$1 was equivalent to 8.19 Norwegian kroner.