Major Solar Project Awarded to Scatec ASA
Scatec ASA, a prominent renewable energy company, has successfully secured preferred bidder status for a substantial 288 MW solar project in South Africa. This award comes as part of the Department of Mineral Resources and Energy's Renewable Energy Independent Power Producer Procurement Programme. Once operational, this endeavor will provide long-term energy stability under a 20-year power purchase agreement (PPA).
Significance of the Project
The Department of Mineral Resources and Energy emphasizes the importance of this project as South Africa moves towards enhancing its renewable energy capacities. Commercial close for the seventh bid window of the REIPPPP is projected for the latter half of a forthcoming year, a critical milestone in sustainable energy development.
Leadership in Renewable Energy
CEO Terje Pilskog hailed this achievement, stating, “This marks another significant accomplishment for Scatec in South Africa and for the renewable energy transition in the region. Today’s award is a testament to our leadership in the renewable sector, and we commend the South African government for their ongoing commitment to these vital procurement programs.”
Project Ownership and Management
Scatec will retain a 50.9% ownership stake in the projects, reinforcing its investment in the renewable landscape. The company will also spearhead various operational functions, providing essential engineering, procurement, and construction (EPC) services, along with ongoing operations and maintenance (O&M) as well as asset management (AM) services for the solar project.
About Scatec
Scatec is dedicated to enhancing global access to reliable and affordable clean energy, primarily in emerging markets. With a portfolio comprising 5 GW of renewable energy plants, currently operational and under construction across four continents, the company continues to grow alongside its passionate employees and partners. Driven by a shared vision of ‘Improving our Future,’ Scatec is committed to expanding its renewable capacity.
Contact Information
For further inquiries about this project or Scatec's operations, please reach out via the following:
For analysts and investors: Andreas Austrell, VP Investor Relations, phone: +47 974 38 686, email: andreas.austrell@scatec.com
For media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959, email: meera.bhatia@scatec.com
Frequently Asked Questions
What is the significance of the 288 MW solar project?
This project is expected to enhance South Africa's renewable energy capacity, providing stable energy for the region under a 20-year agreement.
How much of the project will Scatec own?
Scatec will own 50.9% of the equity in the solar project, demonstrating its substantial investment and commitment to renewable energy.
When is the expected commercial close for this project?
The commercial close for the REIPPPP Bid Window 7 is anticipated in the latter half of a forthcoming year.
What services will Scatec provide for this project?
Scatec will handle engineering, procurement, construction, operations, maintenance, and asset management services for the solar facility.
Where is Scatec’s headquarters located?
Scatec is headquartered in Oslo, Norway, and is a listed company on the Oslo Stock Exchange under the ticker symbol ‘SCATC’.
