Scatec starts commercial operation of solar power plants in Pakistan

Oslo, 31 January 2024: Scatec ASA, a leader in renewable energy solutions, has finalised construction and started producing clean energy from its 150 MW solar power plants in Sukkur, Pakistan.

The power plants will generate approximately 300 GWh annually under 25-year USD-indexed power purchase agreements with Central Power Purchasing Agency of Pakistan (CPPA).

"I am proud to announce commercial operations of our solar project in Sukkur. The power plants will generate much needed renewable energy to the people of Pakistan, covering the electricity need of about 150,000 households while contributing to sustainable local value creation. I would like to thank the Scatec team and our partners for this extraordinary accomplishment,” says Terje Pilskog, CEO of Scatec.

Scatec holds an economic interest of 75 percent of the projects and will provide Operation & Maintenance as well as Asset Management services to the power plants. The remaining ownership share is held by Nizam Energy, Scatec’s local partner. The non-recourse project debt is provided by FMO, the Dutch development bank, Faysal Bank, Bank of Punjab, Bank Islami, and Pak Kuwait Investment Company.

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 4.2 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