| Work Detail |
Scatec ASA, a leading renewable energy provider, has completed the second phase of its sale of parts of its ownership in the Kalkbult, Linde, and Dreunberg solar power plants to Greenstreet 1 Proprietary Limited, a subsidiary of the STANLIB Infrastructure Fund II, managed by STANLIB Asset Management. In this phase, Scatec received ZAR 433 million (USD 24 million) from the sale, bringing the total proceeds for the entire share sold to STANLIB to ZAR 921 million (USD 51 million). At the end of Q2 2024, the net interest-bearing debt related to these power plants was ZAR 939 million (USD 52 million). The total enterprise value of the transaction stands at approximately ZAR 1.86 billion (USD 103 million), with an enterprise value of USD 1.6 million per MW.
Terje Pilskog, CEO at Scatec, said in a statement, “This transaction signifies continued implementation of our strategy to reinvest capital into new renewable energy projects. We are very pleased to have closed this value accretive transaction and are confident that STANLIB, who has been invested in the assets since inception, will be a solid majority owner of the asset. South Africa remains one of our core markets and we will continue supporting the country’s energy transition through further investments within renewable energy.”
After completing the transaction, Scatec now holds an economic interest of around 13% in Kalkbult and 12% in Linde and Dreunberg. The accounting gain from the second phase of the sale is about ZAR 0.6 billion (NOK 0.4 billion), which will be recognized in the fourth quarter of 2024. Including the gains from the third quarter of 2024, the total accounting gain from the transaction is approximately ZAR 2.4 billion (NOK 1.5 billion) on a consolidated basis, and ZAR 1.2 billion (NOK 0.8 billion) on a proportionate basis.
As part of the deal, Scatec has an option to buy back the shares sold in the second phase for a symbolic price of 1 ZAR in 2034, when the Power Purchase Agreements (PPAs) expire. If exercised, this option would increase Scatec’s ownership to about 31% in Kalkbult and 28% in Linde and Dreunberg. Scatec will also continue to provide Operations & Maintenance and Asset Management services for the solar power plants. |
