Oslo, 20 November 2024: Scatec ASA, a leading renewable energy provider, has closed the second and final phase of the previously announced sale of parts of its ownership in the Kalkbult, Linde and Dreunberg solar power plants to Greenstreet 1 Proprietary Limited, a subsidiary of STANLIB Infrastructure Fund II, managed by STANLIB Asset Management Proprietary Limited (“STANLIB”).

Scatec received ZAR 433 million (USD 24 million) in gross proceeds for its ownership sold in the second phase and has in total received ZAR 921 million (USD 51 million) for the total share sold to STANLIB. The net interest-bearing debt related to the power plants was ZAR 939 million (USD 52 million) at the end of the second quarter 2024, amounting to a transaction enterprise value of approximately ZAR 1.86 billion (USD 103 million) and an enterprise value per MW of USD 1.6 million.

"This transaction signifies continued implementation of our strategy to reinvest capital into new renewable energy projects. We are very pleased to have closed this 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. South Africa remains one of our core markets and we will continue supporting the country’s energy transition through further investments within renewable energy," says Scatec CEO Terje Pilskog.

Following the closing of the transaction, Scatec holds an economic interest of approximately 13 percent in Kalkbult and 12 percent in Linde and Dreunberg. The accounting gain on a proportionate basis for the second phase of the transaction is approximately ZAR 0.6 billion (NOK 0.4 billion), which will be recognised in the fourth quarter 2024. Including the gains recognised in the third quarter 2024, the transaction has generated a total accounting gain of approximately ZAR 2.4 billion (NOK 1.5 billion) on a consolidated basis and ZAR 1.2 billion (NOK 0.8 billion) on a proportionate basis.

As part of the transaction, Scatec holds an option to buy back the shares sold in the second phase of the transaction for a symbolic sum of 1 ZAR in 2034, when the PPAs expire. If the options are exercised in 2034, Scatec will increase its ownership again to approximately 31% in Kalkbult and 28% in Linde and Dreunberg. Scatec will continue to provide Operations & Maintenance and Asset Management services to the solar power plants.

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 4.8 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 subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act