In 2022, we started significant construction activities which represent 25% of our NOK 10 billion equity investment target towards 2027 and that will increase our power production capacity by 38% to 4.6 GW when fully operational.
Kenhardt, 540 MW solar and 225 MW battery storage in South Africa
In September 2022, we launched our updated strategy towards 2027 to ensure we are rigged for the future and positioned to capture attractive growth opportunities.
Our strategy towards 2027 is what grounds us and gives us direction. It sharpens our focus on areas in which we can create the greatest value. We aim to be a leader in developing, building, owning, and operating renewable energy and green hydrogen in a value accretive and sustainable way in our key emerging markets.
We set our climate ambitions in line with the latest climate science from the IPCC to limit warming to 1.5 degrees, requiring Scatec to minimise direct emissions by 2030 and achieve net zero emissions across our value chain by 2040, from a 2019 base year.
Our climate targets were approved by the Science Based Target Initiative (SBTi) in January 2023. During 2022, we focused on communicating the climate targets internally, integrating climate requirements into existing development and procurement processes, as well as identifying and analysing emission reduction activities across the existing project portfolio.
Terje Pilskog assumed the role as CEO on 1 May 2022, succeeding Raymond Carlsen. Hans Jakob Hegge joined as Scatec’s new CFO as of 1 March 2023. He succeeded Mikkel Tørud, who took on a new position as EVP Green Hydrogen and MENA.
During 2022 our executive team expanded to 11 members, and we made several adjustments to strengthen our regional set-up – which is key to meeting our strategic ambitions. With a stronger regional approach, Scatec’s management will be closer to our main markets and better equipped to deliver growth opportunities and ensure long-term success.
Our approach to Corporate Governance is intended to decrease business risk, maximise value and utilise our recourses in an efficient and sustainable manner to the benefit of shareholders, employees and society at large.