Scatec Solar completes share capital increase
Scatec Solar, the global turn-key supplier of commercial solar PV (photo voltaic) solutions, today announced that is has completed a share capital increase among existing shareholders. ITOCHU Corporation has contributed the majority of the capital and as a result has increased its ownership in Scatec Solar to 37.5 %.
- We are very pleased to have completed this share capital increase which is proof that our owners remain confident in both our company and the solar industry, Mr. Raymond Carlsen, CEO of Scatec Solar said. - The capital will be instrumental in the further development of our business, to strengthen our position in existing markets, and to pursue interesting new developments, Mr. Carlsen said.
Scatec Solar has started 2010 on a very positive note. The company has major projects under development in Germany, Czech, France and Italy plus a series of projects in other parts of the world. Current and potential projects sum up to a project pipeline of more than 300 MW of PV capacity.
- The injection of fresh capital allows us to take advantage of the opportunities that lie ahead of us and move us into a leading position as a solar plant integrator in Europe, Mr. Carlsen said.
ITOCHU Corporation was holding a 10 % stake in Scatec Solar after an investment made in 2008. By contributing the majority of the new share capital, the Japanese company has increased its interest to 37.5 %.
- ITOCHU endeavors to create a value chain of solar energy business and aim to contribute to a renewable energy society, and we are sure that this additional investment will significantly enhance and strengthen our strategic alliance with Scatec Solar for downstream activities, Mr. Fujioka, General Manager, Solar Business Department of ITOCHU said.
Scatec, the founder and largest shareholder of Scatec Solar, also participated in the share capital increase, but in line with its business strategy to focus resources on developing companies from start-up through their early phase, it welcomed ITOCHU’s wish to increase its ownership share of the solar EPCI company.
- ITOCHU Corporation has been an important, long term partner to Scatec and subsidiaries. It is rewarding to register, that through this share capital increase we have strengthened our cooperation and confirmed our joint commitment to build a world leading solar energy provider, Dr. Alf Bjørseth, the founder of both Scatec and Scatec Solar, said.
About Scatec Solar
Scatec Solar is a global turn-key supplier of solar PV solutions, with headquarters in Oslo, Norway. It was established in 2007 by Dr. Alf Bjorseth, the founder of, among several other renewable energy initiatives, Renewable Energy Corporation, one of the world’s largest integrated solar energy enterprises.
catec Solar has subsidiaries in Germany, The Czech Republic, Italy, US and India. Within weeks another subsidiary will open in France. In addition to having developed more than 67 MW of grid-connected solar parks in Europe, Scatec Solar is engaging in rural electrification in emerging markets, emphasized by the inauguration in January 2009 of two Community Solar Power Plants (CSPPs) in two villages in Uttar Pradesh, India.
Mr. Sven Rost, VP Communications, tel: +47 932 53 196