Scatec reaches financial close in Botswana and prepares for construction start

19 Dec 2024 07:34 CET

Oslo, 19 December 2024: Scatec ASA, a leading renewable energy provider, has
reached financial close for the second 60 megawatt (MW) of the 120 MW Mmadinare
Solar Complex in Botswana and is preparing for construction start.

In August 2022, Scatec, signed a binding 25-year power purchase agreement (PPA)
with Botswana Power Corporation (BPC) for a 60 MW solar PV facility in the
Mmadinare District. In the third quarter 2023, Scatec was awarded a 60 MW
expansion of the project, taking the total capacity to 120 MW.

The estimated total capital expenditure for the 120 MW project is BWP 1.5
billion (USD 108 million) with an estimated engineering, procurement, and
construction (EPC) contract value to Scatec of BWP 1.2 billion (USD 88 million).
The solar power plants are estimated to be financed by BWP 1.0 billion (USD 73
million) of non-recourse project debt, and the remainder by equity from Scatec.
Financing for the projects will be provided by the First National Bank of
Botswana (acting through its Rand Merchant Bank division) and the World Bank's
International Finance Corporation (IFC).

Scatec owns 100% of the project and will be the designated EPC company, as well
as asset manager (AM) and operations and maintenance (O&M) service provider.
Construction and operation of the power plants will be managed by Scatec's
organisation in South Africa. Scatec is targeting to reduce its long-term
economic interest in the project by inviting additional equity partners.

"We mark another achievement for our renewable energy journey in Botswana as we
start construction of the second phase of the project. By doubling the total
capacity of the solar power plant, we demonstrate the effectiveness of our
strategy, robust business model and drive to contribute to the green energy
transition in Africa," says Scatec CEO Terje Pilskog.

The plant will be located near Mmadinare, close to the former mining town of
Selebi-Phikwe, 400 kilometres Northeast of the capital Gaborone. The solar power
plant will ensure that approximately 48,000 tons of CO(2 )emissions will be
avoided and can power approximately 20,000 households annually.


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 & 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 4.8 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://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 Brage Krogsrud, IR Analyst at
Scatec ASA, on 19 December 2024 at 07:34 CET

More information:
Access the news on Oslo Bors NewsWeb site