Release by Scatec secures additional lease agreements in Africa 

16 Oct 2025 08:30 CEST

Oslo/Washington DC, 16 October 2025: Release by Scatec, majority owned by Scatec
ASA has signed new lease agreements totalling 64 MW of solar power and 10 MWh of
battery storage across Liberia and Sierra Leone.

"These agreements mark a significant step in strengthening our renewable energy
presence and delivering flexible, modular "lease-to-own" solutions to utilities
in Sub-Saharan Africa. The projects are designed to replace expensive fossil
fuel generation, improve grid reliability, and support local economic
development," says Scatec CEO and Chairman of Release, Terje Pilskog.

Release receives support from the World Bank's IFC through a USD 100 million
loan and a USD 65 million guarantee facility, established in 2023, securing
payment obligations from Release's clients. This partnership enables Release to
offer affordable, clean power to African utilities with reduced financial risk,
simplifying renewable energy adoption.

In Liberia, Release has entered into a 15-year lease agreement with the state-
owned Liberia Electricity Corporation (LEC) for the development of a 24 MW solar
plant combined with a 10 MWh battery energy storage system (BESS) in Duazon,
near Monrovia. Release also secured a 40 MW solar project in Sierra Leone
through a lease agreement with the national utility EGTC and the Ministry of
Energy.

These two projects will be the first projects where Release will use its newly
introduced solar panel mounting structure designed by its engineering team in
South Africa, representing a milestone for the company and marking a start to a
new way of delivering its projects.

Release is owned by?Scatec (68%) and Climate Fund Managers
(https://climatefundmanagers.com/) (CFM) (32%) via its EU-supported Climate
Investor One Fund, a USD 1 billion blended finance facility focused on renewable
energy infrastructure in emerging markets.

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP IR
andreas.austrell@scatec.com

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For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com (https://www.globenewswire.com/Tracker?data=LbxWRQmOo-
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+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'. 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
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on LinkedIn (https://www.globenewswire.com/Tracker?data=Ea6mDursQq_yqFunjGD089N-
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About Release
Designed to overcome financial and technical barriers associated with adopting
solar energy, Release is a flexible leasing agreement of pre-assembled solar PV
and battery equipment to deliver a low cost, clean, and reliable power solution.
About Release - Release by Scatec (https://releasesolar.com/about-release/)

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

More information:
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