Oslo / Cape Town, 8 December 2022: Today, Scatec ASA, a leading renewable energy provider in emerging markets, signed power purchase and implementation agreements (Legal Close) for the three solar Grootfontein projects in the Western Cape Province of South Africa, under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), alongside the South African government.

“We are proud to have reached this milestone in the procurement process - and are excited to continue delivering clean and reliable energy in South Africa. The South African government has shown strong commitment to deliver in challenging times - and today’s achievement is a testament to the hard work and dedication of actors in the country’s renewable energy transition. Scatec continues to drive action and remains the leading solar IPP in the country and continent. We look forward to completing the necessary deliverables in the new year.” says Scatec Executive Vice President for Sub-Saharan Africa, Jan Fourie.

Commercial and financial close is expected in the first half of 2023 and when operational, the combined facilities will power approximately 33,000 households, and lead to the abatement of 630,000 tonnes of CO2 emissions annually.

Project sites are located approximately 85 kilometres from both Ceres and Touwsrivier – in the Karoo region – and mark the company’s first projects in the Western Cape. Totalling 273 MW of installed capacity, on a combined land area of 765 hectares, Scatec will sell power from the solar plants under a 20-year Power Purchase Agreement (PPA) to Eskom.

Scatec will own 51% of the equity in the projects with H1 Holdings, our local Black Economic Empowerment partner owning 46.5% and a Community Trust holding 2.5%. Scatec will be the Engineering, Procurement and Construction (EPC) provider and provide Operation & Maintenance, as well as Asset Management services to the facilities.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 686, andreas.austrell@scatec.com 
For media: Stian Tvede Karlsen, Communications Manager, tel: +47 920 67 460, stian.karlsen@scatec.com

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 4.6 GW in operation and under construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our 700 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