Over the last 15 years, we have been at the forefront of solar development and investment in emerging economies. We have decoded the complexity and systemised our way of working in these countries to make them our home markets.
We have further developed our strategy in an effort to become a broader provider of renewable energy solutions, as demonstrated by our acquisition of SN Power in 2021, which secured us attractive hydropower assets and a large project pipeline in several markets.
We currently have solar, wind, and hydro power plants with 3.5 GW of capacity installed in 15 countries and generating predictable,
diversified cash flows under long-term contracts. We seek to continue a high rate of responsible growth in our core markets. Our long-term perspective on all of our investments is based on profitability and potential impact on the environment, people, local communities, and other stakeholders.
On the basis of these foundations, we have set ourselves the ambitious target of 15 GW of renewable capacity either in
operation or under construction by the end of 2025, equivalent to NOK 100 billion in gross capital expenditure.
The key reason for our success is our passionate people who pursue new opportunities with persistence and confidence to meet our goals. We are motivated to generate value-creating sustainable growth by building on our heritage and spearheading the development
of renewable energy solutions. We have grown rapidly but have remained agile and flexible so that we can move quickly when new opportunities arise.
We see a megatrend unfolding within Power-to-X and are now building a position in this market with our renewable expertise, business model, and market presence. We are currently developing green hydrogen, green fuels, and fresh water through sea water desalination in Egypt, and we have further early-stage Power-to-X opportunities under development that will have significant potential in the years to come.
Over time we have gained a key competitive advantage through our profound understanding of how to exploit the opportunities and manage the risks related to operations in complex environments. This includes their environmental and social, commercial and contractual, financial, technical, compliance, and health and safety aspects. Our core competence is to holistically assess and manage all of these aspects, bring new investment opportunities forward, and ensure that long-lasting renewable assets can be financed and built. Leveraging this key competitive advantage is a fundamental component of our strategy.
Another important success factor is our partnership model whereby we partner with policy-makers, communities, financial institutions, and suppliers, as well as with utilities and other end consumers, to support Scatec’s growth, value creation, and risk mitigation through project origination, equity and debt financing, and project execution.
Our strong commitment to develop and operate all of our assets in line with IFC Performance Standards and the Equator Principles is embedded in the key pillars of our strategy. We develop an environmental and social impact assessment and action plan for each project, which is carefully monitored by us and our partners. We have been a member of the UN Global Compact since 2018, which reinforces our global commitment to responsible business conduct in four areas: labour conditions, human rights, the environment, and anti-corruption.