Scatec seals exit from 258-MW solar farm facility in S Africa

Jun 1, 2023 05:36 PM ET
  • Norwegian sustainable power manufacturer Scatec ASA (OSL: SSO) has actually closed the sale of its 42% equity risk in the 258-MW Upington solar farm complex in South Africa, the firm said on Thursday.
Scatec seals exit from 258-MW solar farm facility in S Africa

With this deal, the biggest shareholding in the Upington facility hands down to a fund handled by STANLIB Asset Management Pty Ltd, which Scatec introduced as the buyer previously this year.

The purchase shut for a gross factor to consider of ZAR 973 million (USD 49.4 m/EUR 46.1 m) the proceeds that Scatec will certainly use to make new investments in renewable energy, Thursday's news release reads.

Scatec will continue to provide procedures and upkeep and asset management services to Upington's 3 solar farms.

"South Africa remains a focus market for us, and also we will remain to construct scale through new financial investments in the country, commented Scatec chief executive officer Terje Pilskog.

Norfund, the Norwegian Investment Fund for Developing Countries, was supposed to market its 18% risk in Upington in the very same purchase. Scatec did not claim whether Norfund closed its part of the deal.

The Upington facility is made up of Dyason's Klip 1, Dyason's Klip 2 and Sirius solar farms. All three plants were commissioned in 2020.

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