Norwegian renewable energy developer Scatec has successfully commenced commercial operations of two 150MW solar photovoltaic (PV) plants in Pakistan. These projects, with an annual generation capacity of 300GWh, are a result of a 25-year power purchase agreement (PPA) inked with the Central Power Purchasing Agency of Pakistan.
Scatec holds a 75% interest in the solar ventures and assumes responsibility for operation, maintenance, and asset management services. The remaining 25% ownership is attributed to Scatec's local partner, Nizam Energy, a solar company based in Pakistan.
In a recent statement, Scatec CEO Terje Pilskog underscored the growing competitiveness of renewable projects, stating, “Solar PV module prices decreased by 45% and energy storage systems by 24% last year alone, and both are now at all-time lows.”
Pilskog's remarks were made during the company's earnings call, where Scatec reported an EBITDA of NOK3.2 billion (US$306 million) from its operating assets for the year. The company achieved a significant milestone by generating around 3.6TWh of renewable power and recorded NOK8.2 billion in revenues from its development and construction operations.
