Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. Scatec ASA
  6. News
  7. Summary
    SSO   NO0010715139

SCATEC ASA

(SSO)
  Report
Real-time Quote. Real-time Oslo Bors - 01/21 10:25:09 am
134.05 NOK   -4.28%
01/04SCATEC ASA : Attachment to previous notification of long term incentive programme
AQ
01/04SCATEC ASA : Long term incentive programme
AQ
2021SCATEC : Season's greetings from Scatec
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Scatec : partners with Fertiglobe and the Sovereign Fund of Egypt to develop green hydrogen as feedstock for ammonia production in Egypt

10/14/2021 | 02:01am EST

Oslo, 14 October, 2021: Scatec has entered into an agreement with Fertiglobe plc, a leading ammonia producer jointly owned by OCI N.V. and Abu Dhabi National Oil Company (ADNOC), and The Sovereign Fund of Egypt (TSFE), to jointly develop a 50-100MW green hydrogen facility as feedstock for green ammonia production.

Scatec will build, operate and majority own the facility and a long-term off-take agreement will be entered into with Fertiglobe’s subsidiary EBIC. The facility will be located near EBIC in Ain Sokhna and is the first step towards developing a green hydrogen hub in Egypt.

“We are proud to establish a strong partnership with Fertiglobe and the Sovereign Fund of Egypt to move the green agenda forward in Egypt. The development of this green hydrogen project builds on our long experience in project development, financing, and delivery of renewable energy projects in emerging markets. New business models and innovation have been at the core of Scatec since our inception, and we see green hydrogen as a natural part of our strategy and the renewable ecosystem in the years to come,“ says CEO Raymond Carlsen.

This new partnership forms part of Scatec’s strategic initiative, “Power to X”, with the objective of enabling and realising industrial projects that contribute to reducing the carbon emissions through the provision of competitive renewable energy. The ambition is to develop long term partnerships where Scatec can capitalise on its expertise in renewable project development in high growth markets globally. Renewable technology, long term off-take contracts, equity co-investments and project financing from multilateral finance institutions represent key elements of this strategy.

Ahmed El-Hoshy, CEO of OCI N.V., commented: “We are pleased to partner with Scatec, a leader in the global renewables market and Egypt’s largest renewable power developer. Together we will deploy world-leading technology to ramp up our green ammonia production profile and further expand our low-carbon portfolio. Fertiglobe is increasingly becoming an ideal springboard to capture the huge growth opportunities offered by the hydrogen economy. The participation of the Sovereign Fund of Egypt underlines Egypt’s commitment to become a global leader in the renewables space.”

Ayman Soliman, CEO of TSFE, commented: “We are pleased to be partnering up with Scatec and Fertiglobe who are pioneers in green hydrogen production, to provide a unique investment product that creates financial returns while nurturing the green economy at large. The Sovereign Fund of Egypt is a manifestation of Egypt’s 2030 Vision with the principles of sustainable development and impact investment instilled in its mandate, and this project is a cornerstone investment in our green sustainable portfolio build-up with many more to come.”

The parties will seek support from the Egyptian government for required regulatory approvals and sourcing of competitive renewable power from the grid, with the intention to build out new solar and wind capacity to power Egypt’s green hydrogen ambitions in the years to come. The project will be realised in close cooperation with leading hydrogen technology providers and multilateral development institutions for financing. Required engineering and development, including structuring of commercial agreements for the new facility, will start imminently with a target investment decision in 2022 and start-up of the hydrogen facility by 2024.

For further information, please contact:
Andreas Austrell, VP IR
Tel: +47 974 38 686, andreas.austrell@scatec.com   

Mikkel Tørud, CFO
Tel: +47 976 99 144, ir@scatec.com

About Scatec ASA

Scatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long- term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. Scatec has more than 3.5 GW in operation and under construction on four continents and more than 500 employees. The company is targeting 15 GW capacity in operation or under construction by the end of 2025. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’.  To learn more, visit www.scatec.com, or connect with us on Linkedin.

About OCI N.V.

OCI N.V. (Euronext: OCI) is a leading global producer and distributor of nitrogen and methanol products providing lower carbon fertilizers, fuels, and feedstocks to agricultural, transportation, and industrial customers around the world. OCI’s production capacity spans four continents and comprises approximately 16.2 million metric tons per year of nitrogen fertilizers, methanol, biofuels, diesel exhaust fluid, melamine, and other nitrogen products. OCI has more than 3,600 employees, is headquartered in the Netherlands and listed on Euronext in Amsterdam. To find out more, visit www.oci.nl 

About Fertiglobe

Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, and an early mover in clean ammonia. Fertiglobe’s production capacity comprises of 6.6 million tons of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer in the Middle East and North Africa (MENA), and benefits from direct access to six key ports and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf. Established in 2019 and headquartered in Abu Dhabi, Fertiglobe is a 58/42 partnership between OCI N.V. and the Abu Dhabi National Oil Company (ADNOC).  To find out more, visit: www.fertiglobe.com 

About the Sovereign Fund of Egypt

The Sovereign Fund of Egypt (TSFE) was established in 2018 to attract private investment to Egypt and promote and co-invest in state-owned assets to maximise their value and support the Egyptian economy. Independently managed by senior finance executives, TSFE selects investable assets from public stakeholders and co-invests in them with local and foreign partners. The fund’s mission is to increase the private sector’s role in the economy and create more jobs for Egypt’s young population.

The fund operates under a special law which allows it to establish investment partnerships that offer unique opportunities for investors, to aid the government’s efforts to carry out structural reforms in various sectors and diversify Egypt’s growing economy.

The fund adheres to best international practices in all areas, operating with transparent and flexible investment rules, which enable diverse co-investment structures and good governance in management. The fund is supervised by a board of directors and a general assembly with the majority of members coming from the private sector.

TSFE was established by Law 177 in 2018. Its charter was issued by the Prime Minister’s Decision no. 555 in 2019. The fund is a member of the International Forum for Sovereign Wealth Funds.

To find out more, please visit: www.tsfe.com 


© OMX, source GlobeNewswire - EU Press Releases

All news about SCATEC ASA
01/04SCATEC ASA : Attachment to previous notification of long term incentive programme
AQ
01/04SCATEC ASA : Long term incentive programme
AQ
2021SCATEC : Season's greetings from Scatec
PU
2021Gulf Oil and Gas - Scatec Met with HE President Abdel Fattah El-Sisi to Discuss Green E..
AQ
2021Scatec met with HE President Abdel Fattah El-Sisi, President of the Arab Republic of Eg..
AQ
2021SCATEC : signs agreement for the first IPP solar project in Lesotho totalling 20 MW
PU
2021Scatec Unit Signs Contracts For Solar Energy Projects In Cameroon, Chad
MT
2021Release by Scatec to provide reliable and affordable clean power in Central Africa - 36..
AQ
2021Scatec received an ‘A' score for tackling climate change by CDP
AQ
2021SCATEC ASA : Mandatory notification of trade by primary insider
AQ
More news
Financials
Sales 2021 3 862 M 434 M 434 M
Net income 2021 338 M 37,9 M 37,9 M
Net Debt 2021 15 444 M 1 735 M 1 735 M
P/E ratio 2021 63,1x
Yield 2021 1,16%
Capitalization 21 286 M 2 400 M 2 391 M
EV / Sales 2021 9,51x
EV / Sales 2022 9,40x
Nbr of Employees 500
Free-Float 73,0%
Chart SCATEC ASA
Duration : Period :
Scatec ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SCATEC ASA
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 134,05 NOK
Average target price 177,86 NOK
Spread / Average Target 32,7%
EPS Revisions
Managers and Directors
Raymond Carlsen Chief Executive Officer
Mikkel T°rud Chief Financial Officer
John Andersen Chairman
Jan Steffen Skogseth Independent Director
Liv GisŔle Marchand Independent Director
Sector and Competitors