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Scatec sells its share in the Upington solar plant

Scatec ASA announced an important transaction today. The company sold its 42% stake in the 258 MW Upington solar power plant to a subsidiary of STANLIB Infrastructure Fund II for a gross consideration of ZAR 979 million.

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Scatec ASA announced today a agreement with a subsidiary of STANLIB Infrastructure Fund II managed by STANLIB Asset Management Proprietary Limited (“STANLIB”) for the sale of its 42% stake in the 258 MW Upington solar power plant for a gross consideration of ZAR 979 million (NOK 569 million).

 

The transaction is in line with Scatec’s portfolio optimization strategy

Terje Pilskog, CEO of Scatec, said, “Today’s transaction is in line with our portfolio optimization strategy as announced at our Capital Markets Update in September 2022 and it will free up capital for investment in renewable energy. We are very pleased to secure a value-creating transaction and are confident that STANLIB will be a strong owner of the asset going forward.”

 

Upington reaches financial break-even point in 2020

The Upington solar plant reached financial breakeven in 2020 after being awarded in the fourth Renewable Energy Independent Power Producer program bidding round. The plant is responsible for approximately one third of the proportional EBITDA financial results for Scatec in South Africa. This company will continue to provide operational and administrative services as well as asset management for this power plant.

The transaction is expected to result in an estimated net book profit of NOK 760 million on a consolidated basis and NOK 310 million on a proportional basis. The exact effects produced should be determined after actual closing per transaction ultimately.

In addition, Norfund sells its 18% stake directly to STANLIB during the same transaction. It is subject to the usual authorizations and should be ratified during the first half of 2023.

 

Scatec considered a major player in South Africa

Mr. Pilskog added: “We entered South Africa in 2010 and since then we have been considered a major player in renewable energy. South Africa remains a priority for us and we hope to increase our involvement with upcoming investments including the Kenhardt project which is currently under construction and the Grootfontein project which was recently awarded after the fifth round of competition.”

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