Scatec sells 8.5 MW solar power plant in Rwanda, in line with strategy

19 December 2023: Scatec ASA, a leading renewable energy company in emerging economies, has today signed an agreement with Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell its 54% equity share in the 8.5 MW solar power plant in Rwanda for USD 1.38 million (NOK 14.2 million), in line with the company’s strategy.

"This transaction is aligned with our strategy to consolidate our operating portfolio through divestments of assets in non-prioritised markets,” says Scatec CEO Terje Pilskog.

The ASYV power plant in Rwanda commenced operations in 2014. The power was sold under a 25-year Power Purchase Agreement with the state-owned utility EWSA, guaranteed by the Government of Rwanda. The transaction is subject to the customary regulatory consents and is expected to close in 2024. Scatec is also exiting from the operations & maintenance and asset management agreements as part of the sale.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,  andreas.austrell@scatec.com  
For media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959, 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 4.3 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 or connect with us on LinkedIn.  

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