Scatec ASA, a Norwegian renewable energy company, is aiming to set up greenfield projects in the hydropower sector of India with opportunities for acquiring distressed assets.
The company based in Oslo entered the hydropower sector in 2021 last year by the acquisition of another Norwegian company- SN Power.
The company will look at opportunities in the verticals of renewable energy, which includes solar and wind, said Roar Haugland, Executive VP for sustainable business and HSSE at Scatec.
Scatec entered the Indian market in the last year via an equal partnership in Acme Solar Holdings Limited’s solar project of 900 MW in Rajasthan.
Haughland said that they have PV cells for solar, they have wind, they have hybrid solutions, they have battery energy storage systems and now they will have hydro as well. They are looking at hydro opportunities in the country.
On plans for the Indian hydroelectric sector, he said that they are looking for greenfield opportunities. They are further interested to look at other types of assets that they could jump to decrease the development phase. Distressed assets or other types of assets can also be of interest.
In January last year, Scatec announced the completion of the 100% purchase of shares in SN Power from Norfund for $1.16 billion. The deal helped Scatec bring hydropower plants to various countries including Zambia, Uganda, the Philippines, Panama, and Laos under its portfolio.