Oslo/Manila, 6 November 2025: Scatec, a leading renewable energy solutions provider, and its joint venture partner Aboitiz Renewables, have been awarded a 20-year Power Purchase Agreement (PPA) for a 68 MW floating solar project in the Philippines under the Department of Energy’s Green Energy Auction Program 4 (GEA 4). The project will be developed through SN Aboitiz Power (SNAP), the companies’ joint venture in the Philippines where Scatec owns 50%.

The floating solar plant will be located on the Magat reservoir in the Isabela province, where SNAP already operates a 388 MW impoundment hydropower facility, an 8.5 MW run-of-river hydropower facility, and a 24 MW battery storage system (BESS). The project demonstrates the scalability of hybrid renewable energy solutions by combining solar power with existing hydropower infrastructure.

“This award further strengthens our platform in the Philippines and underlines our ability to scale innovative, hybrid renewable energy solutions. Floating solar on hydropower reservoirs is a smart way to add clean capacity with minimal land use and strong grid integration,” says Terje Pilskog, CEO of Scatec.

The Magat floating solar project will contribute to the Philippines’ renewable energy targets of reaching 35% renewable energy share by 2030 and 50% by 2040. It will also support Scatec’s strategic ambition to grow its solar and storage portfolio in the country, where SNAP currently has 56MW of BESS under construction and another 80MW in backlog.

The project is expected to reach financial close and start construction in 2026 and Commercial Operations Date (COD) in 2027. The project will be constructed based on proven technology for the floating installation with long track record in the Southeast Asia region. Additional details on capex and financing will be provided at financial close.

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP IR
andreas.austrell@scatec.com
+47 974 38 686

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com
+47 468 44 959

About Scatec 
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to growing our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. 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.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act