Norways Scatec Solar is planning an initial public offering and intends to apply for a listing on the Oslo Stock Exchange, the company said on Tuesday.
The integrated independent solar power producer said the key objective of the contemplated listing was to increase its access to capital and raise equity for further growth.
"Solar electricity will continue to gain market share in the years to come, and Scatec Solar is uniquely positioned to enjoy rapid growth as an independent solar power producer, said Scatec Solar CEO Raymond Carlsen. Our strong track record paired with a sizable project backlog and pipeline, will enable us to generate attractive returns to our current and future shareholders.
Company Chairman John Andersen Jr. added that the contemplated listing marks the commencement of a new and exciting era for the company. We are very optimistic about the future growth prospects and look forward to welcoming new shareholders aboard."
The group has retained ABG Sundal Collier Norge ASA and Carnegie AS as joint-lead managers and joint bookrunners in connection with the listing and contemplated offering.
Scatec Solar is active around the globe. In July, it began operation of a 40 MW solar PV plant in South Africa, increasing its installed capacity in the country to 115 MW. The Linde project, located in the Northern Cape region, is the second utility scale solar PV plant Scatec has completed under the South African Renewable Energy Independent Power Producer Program and the first of its two projects awarded in the second round.
Earlier this year, the company received final approvals for the construction of an 80 MWac PV plant in the U.S. state of Utah. Scatec signed a 20-year power purchase agreement for the Utah Red Hills Renewable Energy Park in Iron County with PacifiCorp.