Scatec ASA, a major player in the renewable energies sector, completes the sale of its majority stake in a solar power plant in Rwanda.
This transaction is part of Scatec’s strategy to realign its portfolio and focus on key markets.
Transaction background and details
Scatec sells 54% stake in 8.5 MW solar power plant to Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd for USD 1.38 million.
This sale is part of a series of divestments planned by Scatec to optimize its asset portfolio and finance new renewable energy projects.
Fortis and Axian’s interest in this acquisition reflects the growing momentum of investment in sustainable energy infrastructure in Africa.
Terje Pilskog, CEO of Scatec, is delighted with the completion of the transaction and thanks all parties involved.
Scatec is also terminating its operation, maintenance and asset management agreements for the plant, marking the end of its operations in Rwanda.
Portfolio Readjustment Strategy
This transaction is part of Scatec’s strategy to refocus its activities on strategic markets.
The company is seeking to free up resources to invest in large-scale projects in regions where it has a stronger presence.
By withdrawing from non-priority markets, Scatec can better allocate its capital to promising initiatives.
Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd, the new owners, are now responsible for the ongoing operation of the solar power plant.
These entities bring recognized expertise in the renewable energy sector, ensuring the continued supply of clean energy to Rwanda.
Prospects for New Owners
Fortis and Axian bring solid expertise in energy project management and sustainable development.
Their entry into the Rwandan market is a positive indicator for the future of renewable energies in the region.
Building on their technical and financial capabilities, they are well placed to improve and expand the operations of the solar power plant, thereby contributing to Rwanda’s energy objectives.
This acquisition provides Fortis and Axian with a platform to demonstrate their commitment to sustainable development and clean energy.
They have the resources to maximize the plant’s efficiency and explore new growth opportunities in Rwanda’s renewable energy sector.
Scatec’s sale of the 8.5 MW solar power plant marks the end of its operations in Rwanda and illustrates a strategic shift towards more core markets for the company.
Fortis and Axian, as the new owners, are now responsible for maintaining and developing renewable energy production capacity in the region.
This transaction underlines the continuing evolution of investment strategies in the renewable energy sector.
