Scatec sells its Upington solar plant in South Africa for NOK 569 million to finance further growth

02 Feb 2023 08:30 CET

Oslo, 2 February 2023: Scatec ASA, a leading renewable energy company in
emerging markets, has today signed an agreement with a subsidiary of STANLIB
Infrastructure Fund II, managed by STANLIB Asset Management Proprietary Limited
("STANLIB"), to sell its 42% equity share in the 258 MW Upington solar power
plant for a gross consideration of ZAR 979 million (NOK 569 million).

"Today's transaction is in line with our strategy to optimise our portfolio as
presented at our Capital Markets Update in September 2022 and will release
capital for new investments in renewable energy. We are very pleased to secure a
value accretive transaction and are confident that STANLIB will be a solid owner
of the asset going forward," says Scatec CEO Terje Pilskog.

The solar plant in Upington reached COD in 2020 and were awarded in the fourth
bidding round under the Renewable Energy Independent Power Producer Programme.
The plant generates approximately one third of the proportionate power
production EBITDA in South Africa for Scatec. Scatec will continue to provide
Operations & Maintenance and Asset Management services to the Upington power
plant.

"We entered South Africa back in 2010 and have since grown into a leading
renewable energy player in the country.  South Africa remains a focus market for
us, and we will continue to build scale through new investments, including the
Kenhardt project under construction and the new Grootfontein project secured in
the fifth bidding round," adds Pilskog.

The transaction is expected to generate a net accounting gain of approximately
NOK 760 million on a consolidated basis and NOK 310 million on a proportionate
basis. The difference is primarily explained by the D&C margin related to the
projects which has been eliminated in the consolidated statement of financial
positions. The final accounting effects will be determined on closing of the
transaction.

Norfund is also selling its 18% equity share to STANLIB as part of the same
transaction. The transaction is subject to the customary consents and is
expected to close in the first half of 2023.


Notes to editors

The Upington solar power complex is estimated to deliver an annual production of
650 GWh, providing clean energy to around 120,000 households and lead to the
abatement of more than 600,000 tonnes of CO(²) emissions annually.

STANLIB is the second largest asset manager (by assets under management) in
South Africa, and part of Standard Bank Group Limited.


About Scatec?
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy emerging markets. As a long-term player, we
develop, build, own and operate renewable energy plants, with 4.6 GW in
operation and under construction across four continents today. We are committed
to grow our renewable energy capacity, delivered by our 700 passionate employees
and partners who are driven by a common vision of 'Improving our Future'. Scatec
is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol 'SCATC'.?To learn more, visit?www.scatec.com
(https://scatec.com/)?or connect with us on?LinkedIn
(https://www.linkedin.com/company/scatec).

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Kine Aaltvedt, Communication &
IR Coordinator at Scatec ASA, on 2 February at 08:30 CET

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