Scatec ASA, a renewable electrical power firm sponsored by Norwegian energy giant Equinor, plans to put up greenfield projects in India's hydropower industry, as well as acquisitions of distressed assets, according to a senior company executive.
Last year, the Oslo-based company expanded into the hydropower market by acquiring SN Power, another Norwegian company. In a job interview, Roar Haughland, executive vice president for sustainable
enterprise and HSSE at Scatec, claimed that the company would look at potential across verticals of renewable strength, such as solar and wind.
Scatec made its mark in India in 2021 by partnering with Acme Photovoltaic Holdings Ltd on a 900 megawatt (MW) photovoltaic project in Rajasthan. "We have photovoltaic (PV) cells for solar, wind, hybrid solutions, battery energy storage devices, and now we have hydro as well." "We're seeking for hydro opportunities in India," Haughland remarked.
"We are now seeking for greenfield opportunities for the hydropower sector in India," he said. It will also be fascinating to investigate different types of assets into which we could diversify in order to reduce the growth period. Distressed assets, as well as other types of assets, may be of interest."
Scatec announced in January 2021 that it has completed its acquisition of 100% of SN Energy from Norfund for a total fairness value of $1.16 billion. Scatec's portfolio
includes hydroelectric plants in numerous countries throughout the world, including the Philippines, Zambia, Laos, Uganda, and Panama. Scatec has 3.5 GW of installed capacity across four continents, including South Africa, Egypt, and Latin America. The United States is one of its most important markets. According to Haughland, India is one of the company's top five target markets. India had a total installed hydropower capacity of 46.72 GW as of April 16, accounting for 11.7 percent of the total put in potential.
According to Haughland, the company would also consider opportunities in other renewable energy verticals such as photovoltaics, wind, and battery storage. The company has been selected as a preferred bidder for a battery storage project in South Africa, which it will carry out with local partners. He said that the company would look into entering into the battery storage business in India.
In addition, he stated that "green hydrogen would be on the agenda" for its India choices in the near future, citing the growing demand from consumers
for inexperienced hydrogen and the governmental push in India. TÜV Rheinland, an independent certification organisation, recently granted Scatec and Acme Group's eco-friendly hydrogen and ammonia challenge in Oman the world's first eco-friendly hydrogen and inexperienced ammonia certificate. Scatec wants to be able to generate 15 GW of renewable energy, according to Haughland, and its India operations are expected to contribute a "significant portion" of that objective. Scatec and Acme said earlier this year that their $400 million photovoltaic power project in Rajasthan would be put on hold due to supply chain constraints and rising import charges.Also Read : Farmers would be relieved to learn that the government has approved a subsidy for P&K fertilizers worth Rs 60,939 crore