Scatec Solar reaches financial close for 258 MW in South Africa

Oslo, April 10, 2018: Reference is made to stock exchange notice on April 5, 2018 where Scatec Solar signed power purchase agreements for 258 MW in Upington, South Africa.

Scatec Solar ASA (SSO) and partners have reached financial close for these projects  involving a total investment of ZAR 4.76 billion. A consortium of commercial banks and DFIs with Standard Bank in the lead are providing non-recourse project finance of ZAR 3.68 billion, accounting for 77% of the total project cost. 

Construction start is expected in the third quarter 2018 with grid connection towards the end of 2019. The plants are, on an annual basis, expected to produce 650 GWh of electricity and avoid about 550,000 tons of CO2 emissions. Revenues in the first year of operations are expected to reach ZAR 720 million. All contract terms are based on the original award in April 2015.

Scatec Solar will be the EPC provider for the projects and provide Operation & Maintenance as well as Asset Management services to the power plants.

For further information, please contact:

Mr. Mikkel Tørud, CFO,      tel: +47 976 99 144, mikkel.torud@scatecsolar.com

About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of 1,000 MW.

Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 434 MW are under construction.

With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway.