Scatec completes the Kalkbult, Linde, and Dreunberg transaction in South Africa

20 Nov 2024 13:02 CET

Oslo, 20 November 2024: Scatec ASA, a leading renewable energy provider, has
closed the second and final phase of the previously announced sale of parts of
its ownership in the Kalkbult, Linde and Dreunberg solar power plants to
Greenstreet 1 Proprietary Limited, a subsidiary of STANLIB Infrastructure Fund
II, managed by STANLIB Asset Management Proprietary Limited ("STANLIB").

Scatec received ZAR 433 million (USD 24 million) in gross proceeds for its
ownership sold in the second phase and has in total received ZAR 921 million
(USD 51 million) for the total share sold to STANLIB. The net interest-bearing
debt related to the power plants was ZAR 939 million (USD 52 million) at the end
of the second quarter 2024, amounting to a transaction enterprise value of
approximately ZAR 1.86 billion (USD 103 million) and an enterprise value per MW
of USD 1.6 million.

"This transaction signifies continued implementation of our strategy to reinvest
capital into new renewable energy projects. We are very pleased to have closed
this value accretive transaction and are confident that STANLIB, who has been
invested in the assets since inception, will be a solid majority owner of the
asset. South Africa remains one of our core markets and we will continue
supporting the country's energy transition through further investments within
renewable energy," says Scatec CEO Terje Pilskog.

Following the closing of the transaction, Scatec holds an economic interest of
approximately 13 percent in Kalkbult and 12 percent in Linde and Dreunberg. The
accounting gain on a proportionate basis for the second phase of the transaction
is approximately ZAR 0.6 billion (NOK 0.4 billion), which will be recognised in
the fourth quarter 2024. Including the gains recognised in the third quarter
2024, the transaction has generated a total accounting gain of approximately ZAR
2.4 billion (NOK 1.5 billion) on a consolidated basis and ZAR 1.2 billion (NOK
0.8 billion) on a proportionate basis.

As part of the transaction, Scatec holds an option to buy back the shares sold
in the second phase of the transaction for a symbolic sum of 1 ZAR in 2034, when
the PPAs expire. If the options are exercised in 2034, Scatec will increase its
ownership again to approximately 31% in Kalkbult and 28% in Linde and Dreunberg.
Scatec will continue to provide Operations & Maintenance and Asset Management
services to the solar power plants.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone:
+47 974 38 686, andreas.austrell@scatec.com
(https://www.globenewswire.com/Tracker?data=btXKUc3ryyrivx8rLA8igzPRZPRaMEDBN-
6OCgXQlF6ghzOFoPhIa1gQEU8Q-6ddKzDwBcHf95bX5DFc8FMydDGeHjOlrKMNoMmTKh3UicoiKYmxKp
u-aqx0f1B0eNYQ)For media: Meera Bhatia, SVP External Affairs & Communications,
phone: +47 468 44 959, meera.bhatia@scatec.com
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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 4.8 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://www.globenewswire.com/Tracker?data=VTx9GJhHxF6ybf2_BPNpAJZvSCs1GWndEdfc
0nTKW6e2lGulJ-jmkTA_MXhnaPSwCRs96ce2Rx01XigFFVZMIA==) or connect with us
on LinkedIn
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This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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