Scatec sells part of Kalkbult, Linde, and Dreunberg in South Africa for ZAR 921 million to finance further growth opportunities
02 Agosto 2024 - 8:00AM
UK Regulatory
Scatec sells part of Kalkbult, Linde, and Dreunberg in South Africa
for ZAR 921 million to finance further growth opportunities
Oslo, 2 August 2024: Scatec
ASA, a leading renewable energy provider, has today signed an
agreement with Greenstreet 1 Proprietary limited, a subsidiary of
STANLIB Infrastructure Fund II, managed by STANLIB Asset Management
Proprietary Limited (“STANLIB”), to sell part of its ownership in
the Kalkbult, Linde, and Dreunberg solar power plants, with a total
capacity of 190 MW, for a gross consideration of ZAR 921 million
(USD 50 million).
Scatec currently holds an economic interest of
approximately 46 percent in the Kalkbult and 44 percent in the
Linde and Dreunberg solar power plants. The transaction will be
conducted through a two-step process, whereby Scatec will sell down
to approximately 13 percent in Kalkbult and 12 percent in Linde and
Dreunberg.
Scatec remains committed to long term investment
in South Africa and will continue to provide Operations &
Maintenance and Asset Management services to the three facilities,
which were won under Rounds 1 and 2 of South Africa’s REIPPP
Programme.
“This transaction signifies continued
implementation of our strategy to recycle capital into new
investments in renewable energy. We are very pleased to secure a
value accretive transaction and are confident that STANLIB, who has
been invested in the assets since inception, will be a solid
majority owner of the asset going forward,” says Scatec CEO Terje
Pilskog.
“Having been in South Africa for over a decade,
we have grown into a leading renewable energy player in the
country. South Africa will continue to remain a core growth
market for us, and we will continue to build scale through new
investments, including the Grootfontein solar projects under
construction, the Mogobe battery storage project, and through Lyra
Energy, our private sector focused vehicle,” adds Pilskog.
The first phase of the transaction is estimated
to close in the second half of 2024 and the second phase in the
first half of 2025. Closing of the transaction is subject to
customary consents including lender, shareholder, and regulatory
authority approvals. The accounting effects will be disclosed at
closing of the transaction.
Notes to editors
- Kalkbult: The Kalkbult plant, situated in the
Northern Cape region, was the first project commissioned under
Round 1 REIPPP in March 2014. The project holds a 20-year PPA with
Eskom, the national utility company.
- Linde: Situated in the arid Karoo region of
the Northern Cape, Linde benefits from extremely high levels of
irradiation. Linde was commissioned in July 2014 and holds a
20-year PPA with Eskom, the national utility company.
- Dreunberg: Dreunberg is situated in the
Eastern Cape of South Africa. Commissioned in December 2014,
Dreunberg was the second project won under Round 2 of the REIPPP
Programme. The project holds a 20-year PPA with Eskom, the national
utility company.
- STANLIB is the second largest asset manager
(by assets under management) in South Africa, and part of Standard
Bank Group Limited.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974
38 686, andreas.austrell@scatec.com
For media: Meera Bhatia, SVP External Affairs & Communications,
phone: +47 468 44 959, meera.bhatia@scatec.com
About Scatec
Scatec is a leading renewable energy solutions provider,
accelerating access to reliable and affordable clean energy
emerging markets. As a long-term player, we develop, build, own,
and operate renewable energy plants, with 4.6 GW in operation and
under construction across four continents today. We are committed
to grow 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 considered to be inside
information pursuant to the EU Market Abuse Regulation and is
subject to the disclosure requirements pursuant to Section 5-12 the
Norwegian Securities Trading Act.
This stock exchange announcement was published
by Kine Aaltvedt, IR Analyst at Scatec ASA, on 2 August 2024 at
08:00 CEST.
Grafico Azioni Scatec ASA (TG:66T)
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Da Feb 2025 a Mar 2025
Grafico Azioni Scatec ASA (TG:66T)
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Da Mar 2024 a Mar 2025
