Scatec Solar Increases its Ownership in Three Operating Plants in South Africa

Oslo, Norway - Scatec Solar announced, that the company increases its ownership share in Kalkbult, Linde and Dreunberg in South Africa from 39 percent to 45 percent. Scatec Solar and Stanlib Private Equity Infrastructure Fund 1, both existing shareholders, are purchasing all of Norfund's 21 percent shares in the solar plant Kalkbult, and KLP Norfund's 16 percent shares in Linde and Dreunberg.

Scatec Solar acquires 33 percent of the shares, and the South African infrastructure investment fund, Stanlib, acquires the balance of the shares. The total capacity of the plants is 190 MW.

"South Africa continues to be an important market for Scatec Solar and with the construction of the Upington plants we will have solid position with a production capacity of 448 MW in the country. This investment allows us to secure further solid returns from a well-performing asset portfolio and contributes to strengthening our portfolio approach to the South Africa market", says Raymond Carlsen, CEO of Scatec Solar.

The parties have agreed not to disclose the value of the transaction.

Final closing of the transaction is pending approval from the South African Competition Commission Authorities and is expected to take place during the fourth quarter 2018.

Scatec Solar is an integrated independent solar power producer, delivering sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of 1,000 MW. The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and has 1,092 MW under construction. With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021.

Source: IWR Online, 13 Sep 2018