Scatec awarded 846 MW Solar PV projects in government tender in South Africa

22 Jul 2025 22:05 CEST

Oslo, 22 July 2025: Scatec ASA has been awarded preferred bidder status for a
total of 846 MW solar (the Kroonstad PV cluster), in the seventh round of the
Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by
the Department of Electricity and Energy (DEE) in South Africa. The award
follows a re-allocation of MW under the seventh bid window from onshore wind to
solar PV. Once operational, the projects will provide clean and reliable energy
under 20-year PPAs.

Located in the Free State province, the cluster will comprise three solar power
plants, Oslaagte Solar 2 (293 MW), Oslaagte Solar 3 (293 MW), and Leeuwspruit
Solar (260 MW). The estimated total project cost for the solar cluster project
is ZAR 13 billion (USD 735 million). The projects will be financed with up to
90% non-recourse project debt and the remaining by equity from the owners.

"It excites me to announce another important milestone for Scatec in South
Africa and for the country's renewable energy transition. The Kroonstad PV
Cluster represents a significant addition to Scatec's growing renewable energy
footprint in Sub-Saharan Africa. Being selected once again under the REIPPPP
reaffirms our role as a trusted partner and a leading developer in the region.
We commend the government's continued commitment to enabling clean, secure, and
affordable energy," says Scatec CEO Terje Pilskog.

"I am proud to announce Scatec's largest megawatt award to date in South Africa,
which is a testament of our organisation's strong track record, capabilities and
competitive edge. South Africa is one of our core markets and we are dedicated
to continuing to grow our renewables capacity in the country in alignment with
the nation's energy transition agenda.

We are now looking forward to reaching financial close and start construction of
the PV cluster during 2026," says Alberto Gambacorta, EVP and GM for Sub-Saharan
Africa.
Scatec will own 50.90% of the equity in the project with Stanlib's
infrastructure fund (through its renewable energy platform, Greenstreet), along
with Redstreet owning 46.50% and a Community Trust holding 2.6%. Scatec will
provide engineering, procurement, and construction (EPC), operations &
maintenance (O&M), and asset management (AM) services to the project. Financial
close is expected in 2026.

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP IR
andreas.austrell@scatec.com
(mailto:andreas.austrell@scatec.com)+47 974 38 686

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)
+47 468 44 959

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 6.2 GW in
operation and under construction across five continents today. We are committed
to growing our renewable energy capacity, delivered by our passionate employees
and partners who are driven by a common vision of 'Improving our Future'.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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