- Total proportional revenue reached NOK 11,002 million with EBITDA of NOK 4,568 million.
- Gross corporate interest-bearing debt reduced by 25% alongside record project portfolio growth.
- Financial statements adjusted following litigation outcome in India, with legal challenge ongoing.
The Board of Directors of Scatec ASA has approved the company’s annual accounts for 2025, with the Integrated Annual Report released today, highlighting a year of strong operational and financial performance.
Chief Executive Officer Terje Pilskog described 2025 as a transformative year for the company, marked by significant growth across its renewable energy portfolio. The company maintained financial discipline while strengthening its balance sheet and expanding its project pipeline to a record level.
Scatec reported total proportional revenues of NOK 11,002 million and EBITDA of NOK 4,568 million for the year. The company also reduced its gross corporate interest bearing debt by 25%, underscoring a continued focus on financial resilience while scaling operations.
The Integrated Annual Report includes disclosures aligned with the EU Taxonomy as well as Sustainability Statements prepared in accordance with the EU Corporate Sustainability Reporting Directive and European Sustainability Reporting Standards, reflecting the company’s commitment to transparent and standardised sustainability reporting.
However, the report also notes an adjustment to the 2025 financial statements following an adverse outcome in a litigation process in India in February 2026. This resulted in a drawdown under a guarantee provided by the company. Scatec has confirmed it is continuing to challenge the outcome through the legal system.
About the case
The concerns “change in law” claims under Power Purchase Agreements (PPAs). The disputes involved SIROPL, a wind power developer, and concerned contracts with the Solar Energy Corporation of India Limited (SECI), GRIDCO Limited, and the Ministry of New and Renewable Energy (MNRE).
The company sought a declaration that a June 2023 Ministry of Power order constitutes a “change in law” event, which they argue entitles them to compensation if project completion is delayed beyond the Inter State Transmission System (ISTS) charges waiver period. In the alternative, Scatec sought to withdraw from the project without penalty and requested compensation for costs already incurred.
The court dismissed the petition, rejecting the claims for compensation.
While the specific monetary value of the damages or compensation for the 2025 project delay petition was not publicly detailed in the immediate ruling synopsis, the petition requested financial relief for all “costs already incurred” and the avoidance of “costs, claims or penalties”. The dispute directly involved allegations that regulatory changes altered the financial viability of its wind power initiatives in India.
The Executive Remuneration Report and the Green Finance Report are disclosed separately. The disclosures are available on Scatec’s website: https://www.scatec.com/en/investors/reports-presentations/.
Author: Bryan Groenendaal
