Sustainable Edge: Solar, energy security and capital discipline in emerging markets with Terje Pilskog, CEO at Scatec

Solar has quietly become the single largest source of electricity in Europe, and in many emerging markets, clean energy is no longer a climate ambition but a matter of national energy security. In this episode of Sustainable Edge, Scatec CEO Terje Pilskog explains how renewables have moved beyond the ESG hype cycle into disciplined, profitable infrastructure, and why economics, not politics, is now driving the energy transition.

In this episode of Sustainable Edge

Recorded live at the annual Pareto Energy conference in Oslo, host Joachim Nahem, Executive Chairman and Co-Founder at Position Green, sits down with Terje Pilskog, CEO of Scatec, which builds utility-scale solar, wind and storage in markets such as Ukraine, South Africa, Egypt, Brazil and the Philippines.

Five years ago, renewable stocks rode an unprecedented valuation boom. Today, the hype has cooled, interest rates are higher, and developers have shifted their focus to profitability and sustainable cash flows. Terje shares how Scatec navigated that reset, from sharpening its focus on core markets and reducing corporate debt to lowering its cost of capital, and why he remains a climate optimist even as global political attention on climate has faded.

Together, they explore why governments in emerging markets are choosing renewables without subsidies, whether recent Middle East conflicts mark a turning point for clean energy, what solar developers can learn from oil and gas majors, and how Scatec continues to operate in Ukraine amid ongoing attacks on energy infrastructure.

Learn about

• From ESG hype to business fundamentals
• How Scatec responded to the post-2021 market reset by focusing on fewer markets, cutting debt and building a more resilient, profitable business.
• Why economics now drives the transition
• Why renewables no longer need subsidies, and how a single solar and battery project in Egypt saves the country hundreds of millions of dollars a year compared to LNG-fired power.
• Energy security as a strategic priority
• Why the war in Ukraine and the Iran crisis are stark reminders that dependence on imported fuel is a structural risk, and why more energy crises are likely ahead.
• The hidden cost of fossil fuel subsidies
• How subsidised electricity tariffs burden state budgets across Africa, and how renewables could free up resources for health and education.
• Managing risk in challenging markets
• How long-term power purchase agreements and sovereign guarantees protect revenues in high-risk countries.
• Lessons from oil and gas, and lessons back
• What renewable developers have borrowed from the oil majors on execution and risk assessment, and what the traditional energy sector could learn from a more nimble way of working.
• Responsible supply chains
• How Scatec uses due diligence, physical audits and full traceability to ensure its solar panels, batteries and turbines come from responsible value chains.
• Grid-friendly renewables in Europe
• How combining solar, wind and batteries creates a balanced 24/7 generation profile, supports grid stability and opens up new opportunities in markets like Romania and Poland.

About Terje Pilskog

Terje Pilskog was appointed CEO of Scatec in 2022, having joined the company as EVP Project Development in 2013. Before Scatec, he held management positions at Renewable Energy Corporation (REC), which he joined from McKinsey & Co

With close to two decades in renewables, Terje has led Scatec through one of the most turbulent periods in the industry's history, steering the company towards profitability while continuing to build large-scale clean energy projects in some of the world's most complex markets.

Why it matters

As geopolitical instability exposes the risks of dependence on imported fossil fuels, renewables are increasingly being chosen for their cost competitiveness and their contribution to energy independence. Terje argues that the transition is now being driven by a strong business case, one that delivers climate benefits even when climate is not the primary motivation.

This conversation offers business leaders a grounded view of how the renewable sector has matured, how risk can be managed in challenging marke