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Risk Mitigation Power Procurement Programme (RMIPPP). The tariffs awarded to the
projects fall within the range of the previously awarded preferred bidders.
The three projects (Kenhardt 1-3), in total consisting of 540 MW solar and 225
MW/1,140 MWh battery storage, were bid based on sites located in the sundrenched
Northern Cape Province of South Africa. The projects awarded to Scatec are the
only projects with preferred bidders status exclusivity making use of renewable
energy technology, making it arguably one of the largest single site solar +
storage hybrids in the world.
“This is truly a great milestone for Scatec and renewable energy. We are
demonstrating that cost competitive dispatchable solar power can be delivered at
large scale with short implementation time. This confirms that renewable energy
is an ideal choice for driving electricity generation growth in Africa and other
developing countries”, says CEO Raymond Carlsen.
The solar and storage solution will provide dispatchable power from 5:00 am in
the morning to 21:30 at night and will deliver much needed power to the South
African economy. The power will be sold under a 20-year Power Purchase Agreement
with a paid capacity charge.
Financing has already been sourced as part of the bidding process. Project capex
is estimated to be USD 1 billion and will be funded by project finance debt from
a consortium of commercial banks and Development Finance Institutions with
expected debt leverage of 80%. Scatec will own 51 % of the equity in the project
with H1 Holdings, our local Black Economic Empowerment partner owning 49%.
Scatec will be the Engineering, Procurement and Construction (EPC) provider and
provide Operation & Maintenance as well as Asset Management services to the
power plants.
Financial close is expected later in 2021 with grid connection by the end of
2022.
“This award further cements Scatec’s position as the leading solar IPP in South
Africa and on the African continent. To date, we have successfully completed six
solar plants under the country’s well known REIPPP programme and employ more
than 200 people, which is set to grow further. With Round 5 of REIPPP launched
in April, we are looking forward to further building on this solid foundation
and experience from successful solar projects and add other renewable
technologies to our portfolio”, says Carlsen.
Scatec’s integrated technology approach strengthens the competitiveness of
renewables and expands the market potential. The company sees significant
opportunities within hybrid solutions and is currently working on developing
several projects using solar and batteries to create firm renewable power; and
also combining solar with hydro to increase value proposition and
competitiveness of hydro. In addition, Scatec works with partners to combine
competitive renewable energy with industrial projects. In total, about 15
percent of the company’s project pipeline consists of hybrid solutions projects.
For further information, please contact:
Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatec.com (mailto:ir@scatec.com)
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364,
ingrid.aarsnes@scatec.com (mailto:ingrid.aarsnes@scatec.com)
About Scatec ASA:
Scatec is a leading renewable power producer, delivering affordable and clean
energy worldwide. As a long- term player, Scatec develops, builds, owns and
operates solar, wind and hydro power plants and storage solutions. Scatec has
more than 3.5 GW in operation and under construction on four continents and more
than 500 employees. The company is targeting 15 GW capacity in operation or
under construction by the end of 2025. 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
(https://www.globenewswire.com/Tracker?data=LSpfLx47A6h5lu_VrGD2KA7memM6LB1MXR2V
vcnl27veZ_PnEna5BClUBuV3rlsefkYxF6f2kB1PrWfbSbZGysgeSupp1NGhbKY88_5KPng=).
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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