Hampered by manual bank account processes, rapidly expanding renewable energy firm Scatec knew a digital onboarding solution would ease its pain points. Here, Lilyana Vinokurova, Treasury Manager, Scatec, and BNP Paribas’ Kristin Qvale, Head of Cash Management Norway, and Stephanie Niemi, Head of Digital Onboarding for Corporate, discuss the milestone transition.
Scatec, a major renewable energy solutions provider to emerging markets, has 600 employees and saw revenues of approximately €449m in its 2021 financial year. The Norwegian Stock Exchange-listed company’s global projects are managed by special purpose vehicles (SPVs) through holding companies in the Netherlands.
Treasury Manager, Scatec
As well as being Scatec’s leading international banking partner, BNP Paribas is the cash management bank for the Dutch legal entities, covering approximately 40 entities and 50 bank accounts. To help optimise the company’s liquidity, these legal entities are included in a BNP Paribas notional cash pool as a non-resident master account with the Norwegian parent company.