Scatec closes sale of 8.5 MW solar power plant in Rwanda

01 Aug 2024 16:12 CEST

Oslo, 1 August 2024: Scatec ASA, a leading renewable energy company in emerging
economies, has closed the divestment of its 54% equity stake in the 8.5 MW solar
power plant in Rwanda to Fortis Green Fund I Rwanda Holdings Ltd (Fortis) and
Axian Energy Green Ltd (Axian) for USD 1.38 million. This announcement follows
the notice provided to the market in the fourth quarter of 2023.

"We continue to deliver on our strategy to consolidate our portfolio through
divestment of assets in non-core markets, and recycling capital into new
investments in renewable energy. We are very satisfied with the closing and
would like to thank the teams in Scatec, Fortis, Axian and other parties
involved for a successful transaction. We are confident that the new owners will
take good care of the solar power plant and continue to deliver clean renewable
energy to the Republic of Rwanda for many years to come," says Scatec CEO Terje
Pilskog.

Scatec has also exited from the operations, maintenance, and asset management
agreements for the power plant and has officially discontinued all operations in
Rwanda.

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)
For media: Meera Bhatia, SVP External Affairs and 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 in 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 subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site