Scatec ASA

Capital/Financing Update • Jun 10, 2024

Release by Scatec extends solar plants in Cameroon by 28.6 MW solar and 19.2 MWh BESS

Release by Scatec extends solar plants in Cameroon by 28.6 MW solar and 19.2 MWh BESS

10 June 2024, Cameroon/Norway: Release by Scatec has entered into two new lease

agreements with the national electricity company ENEO in Cameroon, expanding its

existing solar and battery storage power plants in the country to 64.4 MW of

solar and 38.2 GWh of batteries.

Release completed the already existing solar plants in Maroua and Guider in

Cameroon (35.8 MW solar and 19 MWh BESS) in September 2023, and is now adding

28.6 MW of solar and 19.2 MWh of battery storage.  The Maroua and Guider solar

power plants are based on the innovative Release solution of movable panels and

batteries, which are deployed under a simple and flexible leasing contract.

Release has available funding for these projects based on the capital raise

completed last year when Climate Fund Managers came in as equity investor with

32% ownership stake.

"This extension is a testimony to the success of the initial projects and to

the benefits provided by our innovative offering. By increasing the installed

capacity in the country, we are reaffirming our collaboration with ENEO and our

commitment to Cameroon as a key market for our solutions," says Hans Olav

Kvalvaag, CEO at Release.

"In addition to improving electricity supply in Cameroon and significantly

reducing the cost and CO2 emissions from alternative generation based on diesel

supply, these pioneering leasing contracts with ENEO are serving as a model for

access to affordable clean energy for other countries and large energy consumers

in the region. We have the funding available to support significant growth and

expect to close and start implementing several additional projects from our

pipeline in the coming months," adds Kvalvaag,

When the extensions of the projects are completed, Release's projects in

totality will supply energy to about 200,000 households in Cameroon, according

to ENEO estimates, generating an annual production of about 141.5 GWh of

electricity. In combination with the storage capacity the installation will

ensure stable supply of electricity also during peak hours.

"ENEO Cameroon has renewed its trust in its partner Release by Scatec to double

the capacity of the solar power plants in Guider and Maroua. This move will

enable Eneo to further secure power generation in the Northern regions while

also improving service quality for households and the industrial sector in these

regions. This new step towards more reliable and carbon-free energy is part of

Eneo's strategy, which is central to its continued efforts, under the auspices

of the Government of Cameroon, to sustainably improve on the power available in

Cameroon," according to Amine Homman Ludiye, CEO of ENEO Cameroon.

"Our successful partnership with Release by Scatec has greatly benefited the

local population in northern Cameroon by eliminating blackouts. This new project

will further reduce our dependency on diesel and save the government millions of

dollars in fuel costs," says H.E. Gaston Eloundou Essomba, Minister of Water and

Energy, Republic of Cameroon.

The projects were originally developed in partnership with Izuba Energy and

Sphinx Energy.

Contact:

Hans Olav Kvalvaag, CEO Release, tel:

+47 90 17 13 18, hans.olav.kvalvaag@scatec.com

(https://www.globenewswire.com/Tracker?data=ASw9evCmRRTXH_w7CY3Td5ox4PbfWjJlOips

SmCx448fsDYIwWMiMtXRRhwt5BFzCEc_7b95K3p_KAeZJ6QpWG4qcXANYEoPE7oEVGJx_q1n2ElxApRi

JuuPTs0dXCN-)

About Release

Designed to overcome financial and technical barriers associated with adopting

solar energy, Release is a flexible leasing agreement of pre-assembled solar PV

and battery equipment to deliver a low cost, clean, and reliable power solution.

Release is owned by Scatec ASA (https://scatec.com/) (68%) and Climate Investor

One (32%), an impact investment fund managed by Climate Fund Managers. Home -

Release by Scatec (releasesolar.com) (https://releasesolar.com/)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act