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Norway’s Scatec aims to set up greenfield hydropower projects in India

By wasmulhaq 
Updated Date

Norway’s Equinor-promoted renewable energy company Scatec ASA is considering setting up greenfield projects in India’s hydropower sector, as well as opportunities for distressed asset acquisitions. This was stated by a senior company executive.

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The Oslo-based company entered the hydropower sector last year by acquiring another Norwegian company, SN Power. The company would look at opportunities across the verticals of renewable energy, including solar and wind, Roar Haughland, executive vice president for sustainable business and HSSE at Scatec, said.

Scatec kept its foot on Indian soil in 2021 by becoming an equal partner in Acme Solar Holdings Ltd’s 900 megawatt (MW) solar project in Rajasthan.

We have PV (photovoltaic) cells for solar, we have wind, we have hybrid solutions, we have battery energy storage systems, and now we have hydro also. We are looking at hydro opportunities in India, “Haughland said.

Company looking for business opportunities in India

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On plans for the hydroelectric sector in India, he said: “We are today looking for greenfield opportunities. It will also be interesting to look at other types of assets that we could use to shorten the development phase. Distressed assets or typical other types of assets could also be of interest. “

In January 2021, Scatec announced the completion of its purchase of 100% shares in SN Power from Norfund for a total equity value of $1.16 billion. The deal brought under Scatec’s portfolio, hydro power plants in several countries, including the Philippines, Zambia, Laos, Uganda, and Panama.

Scatec has 3.5 gigawatts (GW) of installed capacity across four continents, with South Africa, Egypt, and Latin America as its major markets. Haughland said that India is among the top five target markets for the company.


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