Scatec – pushes renewable energy in emerging markets
The desk posits that Scatec's expansion in renewable energy within emerging markets represents a significant long-term opportunity for investors, particularly with support from Nordea, highlighted by their 15-year partnership. Per the full note from Nordea, Scatec currently holds 4.6 gigawatts of renewable capacity across multiple continents and is well-positioned to benefit from the global shift towards cleaner energy. With a robust EBITDA of NOK 2.3 billion, the company's growth trajectory suggests compelling investment prospects, particularly as emerging economies integrate more sustainable practices into their infrastructures. In light of this momentum, we emphasize the potential for currency volatility impacting sector financing, especially in regions where Scatec is active.
What the desk is arguing
The desk argues that Scatec's leadership in renewable power development indicates a strong growth market in emerging economies. With its evolving business model focused on traditional renewables and green hydrogen, Scatec is set to capitalize on increasing global demand for clean energy solutions.
Supporting this view, Scatec's impressive operational capacity of 4.6 gigawatts, alongside an EBITDA of NOK 2.3 billion, underscores its financial and operational strength. Their partnership with Nordea has been instrumental in facilitating significant growth, as seen in the USD 1.1 billion acquisition of SN Power in 2021, demonstrating Scatec's ambition in expanding its renewable energy footprint.
Where it sits in our coverage
Currently, our consensus target for the NOK exchange rate is 1.075, with estimates ranging between 1.04 to 1.12. Notable firms with respective targets include: - jpmorgan: 1.10 (Mar26) - bofa: 1.04 (Mar26)
The desk's optimistic view aligns closely with jpmorgan, who also highlights potential for upward adjustments within the upper range of our spread. That said, we find ourselves closer to the top of the range, suggesting a bullish outlook amidst Scatec's growth narrative.
How other firms see it
Firms aligned with this perspective, such as jpmorgan, underscore Scatec's ability to harness investments from emerging market renewables, suggesting the viability of future projects. Conversely, bofa presents a more cautious stance on renewable energy growth trajectories in these markets.
The trends observed in the EUR/USD and emerging market equities might reflect the sentiment towards sustainable investments, particularly as they relate to central banking policies favoring green financing initiatives. Monitoring the euro against the dollar will be pivotal, especially as global governments aim to reach climate targets.
How firms align with this view
Aligned with the desk view
Contrary positioning
Key takeaways
- 01Scatec is positioned as a major player in renewable energy in emerging markets, with 4.6 gigawatts of capacity.
- 02Nordea's support has been critical in Scatec's growth, facilitating a USD 1.1 billion acquisition.
- 03The emphasis on sustainable energy aligns with broader market trends favoring green investments.
- 04Volatility in emerging market currencies may influence the financing landscape for renewables.
Market implications
Investors should closely monitor the NOK exchange rate, particularly near the 1.075 target, as fluctuations could affect Scatec's financing and investment capabilities in emerging markets. The narrative of sustainability is likely to influence trading behaviors, and positioning in NOK/USD pairs could reveal sentiment shifts towards renewable investments.
Risks to this view
A significant risk factor would be a global downturn in renewable energy investments or regulatory shifts that deter financing for clean energy projects. Additionally, if economic conditions weaken in emerging markets or if Scatec fails to deliver on its operational goals, investor confidence could falter, reversing the bullish sentiment.
Short reads Scatec – pushes renewable energy in emerging markets 11-04-2023 With Nordea by its side for the past 15 years, Scatec has been at the forefront of renewable power development in emerging markets. Today, it is a leading provider of solar, wind and hydropower, with 4.6 gigawatts of capacity in operation and under construction across four continents. Terje Pilskog, CEO, Scatec. “Our company was founded on the belief that it has an essential role to play in providing clean and affordable energy,” says CEO Terje Pilskog. “For the world to reach its climate targets, emerging economies must be part of the solution.” Scatec has built a strong position over time, with over 700 employees and an EBITDA of NOK 2.3bn.
As Scatec’s main bank, Nordea has played a key role in the company’s growth journey from the start, providing corporate lending, trade finance and support in raising debt and equity capital. Nordea helped finance Scatec’s USD 1.1bn acquisition of SN Power in 2021. “We have a strong partnership with Nordea. We would like to thank the team for their leadership and work supporting the green shift,” says Terje Pilskog.
He adds that it’s in Scatec’s DNA to continually seize new opportunities: “Our integrated business model and partnership approach will continue to be at the core of what we do, whether it be in traditional renewables or related to green hydrogen.” Everything we do begins and ends with our customers Every day, we work to support our customers’ financial development, always acting within their best interests. Whether they wish to purchase a dream property, grow a start-up or transition to a greener business model, we have the financial strength and expertise to help them succeed. This is a customer story from our 2022 Annual report .
If you want to know more about our different business areas, have a look here. Short reads How solid banking relationship supports Picosun’s global ambitions 13-04-2023 Short reads “Since day one, our vision has been to be the best in the world. Not the biggest in terms of size, but in terms of technology and innovation,” says Kustaa.
Read more Customer tells her story about our digital service: "A seamless experience" 11-04-2023 Short reads Get to know our customers in a short read. Here Maria Lallerman tells the story about when she bought a home. Read more How great service inspires business customers to go private 13-04-2023 Short reads “It was a gradual process for me – discovering that Nordea has a broad range of services to offer.
I was impressed when they supported me with my housing transaction." Read more Short reads Business growth Annual Report Share on Facebook Share on Threads Share on Linkedin 11-11-2025 Entrepreneurship How to meet us at Slush With exclusive events for investors and startup leaders, one-to-one matchmaking opportunities and expert financial guidance, we're ready to help entrepreneurs succeed at this year's leading startup event. Read more 10-11-2025 Business growth Nordea as an enabler of growth – lending to startups hits record levels The sharp rise in debt financing reflects the increased willingness of growth companies to take risks and invest in expansion into new markets. Nordea’s lending to startups in Finland has reached a new record in 2025 as companies across various sectors seek funding for growth alongside private equity investments.
Sources & References
How we cover this story