Scatec ASA

M&A Activity • Nov 20, 2024

Scatec completes the Kalkbult, Linde, and Dreunberg transaction in South Africa

Scatec completes the Kalkbult, Linde, and Dreunberg transaction in South Africa

Oslo, 20 November 2024: Scatec ASA, a leading renewable energy provider, has

closed the second and final phase of the previously announced sale of parts of

its ownership in the Kalkbult, Linde and Dreunberg solar power plants to

Greenstreet 1 Proprietary Limited, a subsidiary of STANLIB Infrastructure Fund

II, managed by STANLIB Asset Management Proprietary Limited ("STANLIB").

Scatec received ZAR 433 million (USD 24 million) in gross proceeds for its

ownership sold in the second phase and has in total received ZAR 921 million

(USD 51 million) for the total share sold to STANLIB. The net interest-bearing

debt related to the power plants was ZAR 939 million (USD 52 million) at the end

of the second quarter 2024, amounting to a transaction enterprise value of

approximately ZAR 1.86 billion (USD 103 million) and an enterprise value per MW

of USD 1.6 million.

"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," says Scatec CEO Terje Pilskog.

Following the closing of the transaction, Scatec holds an economic interest of

approximately 13 percent in Kalkbult and 12 percent in Linde and Dreunberg. The

accounting gain on a proportionate basis for the second phase of the transaction

is approximately ZAR 0.6 billion (NOK 0.4 billion), which will be recognised in

the fourth quarter 2024. Including the gains recognised in the third quarter

2024, the transaction has generated a total accounting gain of 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 transaction, Scatec holds an option to buy back the shares sold

in the second phase of the transaction for a symbolic sum of 1 ZAR in 2034, when

the PPAs expire. If the options are exercised in 2034, Scatec will increase its

ownership again to approximately 31% in Kalkbult and 28% in Linde and Dreunberg.

Scatec will continue to provide Operations & Maintenance and Asset Management

services to the solar power plants.

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, phone:

+47 974 38 686, andreas.austrell@scatec.com

(https://www.globenewswire.com/Tracker?data=btXKUc3ryyrivx8rLA8igzPRZPRaMEDBN-

6OCgXQlF6ghzOFoPhIa1gQEU8Q-6ddKzDwBcHf95bX5DFc8FMydDGeHjOlrKMNoMmTKh3UicoiKYmxKp

u-aqx0f1B0eNYQ)For media: Meera Bhatia, SVP External Affairs & Communications,

phone: +47 468 44 959, meera.bhatia@scatec.com

(https://www.globenewswire.com/Tracker?data=urEV4A27v2h3APFc4UJU1ECLIjseKT9pxChj

6PPa5LJChOv7BrVCiEvRTtoZ3dM8M1dHnVLupxwmbmITuRswVV1DW1XHG3XlrJFV6ZE6KEU=)

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 4.8 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

(https://www.globenewswire.com/Tracker?data=VTx9GJhHxF6ybf2_BPNpAJZvSCs1GWndEdfc

0nTKW6e2lGulJ-jmkTA_MXhnaPSwCRs96ce2Rx01XigFFVZMIA==) or connect with us

on LinkedIn

(https://www.globenewswire.com/Tracker?data=iWtWkUh73PA5zHeidkQkbcRIqCIT3mbCX-

Wmb7A66cuCh1jtL_HvWeq2mIonF3MCDDZ-IpBYX8ejdXj7diwh7CGlQvVvvNqhNXbEUnD8aQo=).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act