Oslo, 1 November 2018: Final closing of the
transaction announced 30 August 2018 where Scatec Solar increases
its ownership share in the solar plants Kalkbult, Linde and
Dreunberg in South Africa from 39% to 45%, has been completed. The
three plants have a total capacity of 190 MW and the increased
ownership further strengthens the company's position in the South
African market.
Scatec Solar is currently ramping up construction
of three new solar plants in South Africa with a total capacity of
258 MW. The six solar power plants are expected to generate a
combined 1,000 GWh of power annually that are sold under 20-year
power purchase agreements.
Furthermore, Scatec Solar ASA has secured
guarantees with MIGA (Multilateral Investment Guarantees), a member
of the World Bank Group, covering its equity investments in the six
South African solar power plants. The guarantees cover 90 percent
of investments by Scatec Solar for up to 15 years against the risks
of Breach of Contract and Transfer Restrictions and
Convertibility.
"These MIGA guarantees are a cost-efficient way of
mitigating risk in an important part of our asset portfolio. We are
working with multilateral finance institutions across emerging
markets and with these agreements we are again demonstrating how
strong partnerships are improving the robustness of our long-term
investments", says Raymond Carlsen, CEO of Scatec Solar.
MIGA was created in 1988 as a
member of the World Bank Group to promote foreign direct investment
in emerging economies by helping mitigate the risks of restrictions
on currency conversion and transfer, breach of contract by
governments, expropriation, and war & civil disturbance; and
offering credit enhancement to private investors and lenders. Over
the last three decades, MIGA has directly supported over $50
billion in investments for over 845 projects in 111 developing
countries.
For further information, please
contact:
Mr. Mikkel Tørud, CFO, tel: +47 976 99
144
mikkel.torud@scatecsolar.com
Ingrid Aarsnes, Communication & IR, tel:
+47 950 38 364
ingrid.aarsnes@scatecsolar.com
About Scatec Solar
Scatec Solar is an
integrated independent solar power producer, delivering affordable,
rapidly deployable and sustainable clean energy worldwide. A long-
term player, Scatec Solar develops, builds, owns, operates and
maintains solar power plants and has an installation track record
of 1,000 MW. The company is producing electricity from 357 MW of
solar power plants in the Czech Republic, South Africa, Rwanda,
Honduras and Jordan and has 1,057 MW under construction.
With an established global presence and a
significant project pipeline, the company is targeting a capacity
of 3.5 GW in operation and under construction by end of 2021.
Scatec Solar is headquartered in Oslo, Norway and listed on the
Oslo Stock Exchange under the ticker symbol 'SSO'. To learn more,
visit www.scatecsolar.com.
This information is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.
