Norway's Scatec Solar is booming

Scatec Solar, a Norwegian developer of solar panel farms in developing countries, has reached revenue of NOK 1 billion, but earnings are slowing in the wake of expansion.

Photo: Ken Lund

The ambition to become one of the world's leading solar panel developers in developing countries seems to be on track for Scatec Solar, which was recently listed on the Norwegian stock exchange. However the rapid rise of solar projects comes at the expense of earnings.

That is highlighted in the company's freshly released annual report. In 2016, Scatec Solar reached above the NOK 1 billion mark (EUR 112 million) for the first time with revenue of NOK 1, 085 million, which is NOK 200 million more than in 2015.

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