Scatec enters agreement to sell African hydropower assets to TotalEnergies in line with strategy

30 Jul 2024 08:01 CEST

Oslo, 30 July 2024: Scatec ASA, a leading renewable energy provider, has signed
an agreement with TotalEnergies to sell its 51 percent stake in the African
hydropower joint venture with Norfund and British International Investment
(BII), in line with the company's strategy. The proceeds from the transaction
will be used to support Scatec's self-funded growth plan.

The sale covers Scatec's indirect interest held through SN Power of the
operating 255 MW Bujagali hydropower plant in Uganda, and a development
portfolio consisting of the 361 MW Mpatamanga in Malawi, and the 206 MW Ruzizi
III at the border of Rwanda, DRC, and Burundi. The joint venture was established
in 2021 between Scatec and Norfund, the Norwegian investment fund for business
activities in developing countries, as part of the SN Power acquisition. In
2022, BII joined as a co-investor. The transaction supports the business
continuity of the hydropower activities on the continent, including commitments
to projects and stakeholders.

"Our decision to sell our African hydropower assets is in line with our strategy
to focus the largest share of our investments in our core markets and on solar,
wind and battery energy storage, while divesting assets in non-focus markets. We
are pleased to announce today's transaction, as we believe TotalEnergies will be
a strong asset owner going forward, with the ability to further develop the
projects and contribute to the energy transition in Africa. We would like to
thank the entire hydropower team for their hard work and dedication over the
years, you have made a significant impact. In addition, our gratitude goes to
our joint venture partners, host governments, and lenders for the support since
2020," said Terje Pilskog, Scatec CEO.

"This acquisition of renewable hydroelectric assets and projects in Africa
reflects our desire to contribute to the continent's energy transition by
bringing electricity to the people of African countries. In particular, we are
delighted to be able to become a player in hydro power in Uganda, a country
where we are also developing a major oil project. This is another example of
TotalEnergies' ability to implement its multi-energy strategy in oil-producing
countries to support them in their energy transition," said Patrick Pouyanné,
TotalEnergies Chairman and CEO.

The transaction is subject to conditions and consents being received from
stakeholders including lenders and joint venture partners - and is scheduled to
close within first half of 2025. The transaction price and the final accounting
effects will be disclosed at closing of the transaction due to commercial
considerations.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone:
+47 974 38 686, andreas.austrell@scatec.com
(mailto:andreas.austrell@scatec.com%20%0b)For media: Meera Bhatia, SVP External
Affairs & Communications, phone: +47 468 44 959, meera.bhatia@scatec.com
(mailto:meera.bhatia@scatec.com)

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 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, IR Analyst at
Scatec ASA, on 30 July 2024 at 08:00 CEST.

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