Scatec ASA

Capital/Financing Update • May 30, 2025

Scatec wins battery storage project in South Africa

Scatec wins battery storage project in South Africa

Oslo, 30 May 2025: Scatec ASA has been awarded preferred bidder status for the

Haru BESS Battery Energy Storage Project totalling 123 MW/492 MWh in the third

bid window of the Battery Energy Storage Independent Power Producer Procurement

Programme (BESIPPPP) in South Africa, by the Department of Mineral Resources and

Energy.

Scatec will receive payments under a 15-year agreement for making the storage

capacity available for the National Transmission Company of South Africa (NTCSA)

which will utilise the capacity to balance the grid.

The estimated total capex for the battery energy storage project is ZAR 2.2

billion (USD 120 million) of which Scatec's EPC contracts account for

approximately 80%. The project will be financed by 90% non-recourse project debt

and the remaining by equity from the owners.

"Today's award reaffirms our standing as a leading renewable energy player in

South Africa. We applaud the South African government's commitment and

dedication to the renewable energy procurement programmes. Battery energy

storage will continue to play an important role in the energy transition, and we

will continue to be at the forefront across our core markets," says Scatec CEO

Terje Pilskog.

Building on the experience garnered from the hybrid solar and battery storage

projects at Kenhardt, and the ongoing construction of Mogobe BESS, Scatec

continues to actively support battery integration to stabilise the national

grid.

"Dispatchable energy and grid infrastructure are now more important than ever,

in the pathway to unlock the sustainability of South Africa's current and future

energy system," adds Alberto Gambacorta, GM and EVP Sub-Saharan Africa, Scatec.

Scatec will own 50.01% of the equity in the project with Stanlib's Greenstreet

and Redstreet Funds owning 44.99% and a Community Trust holding 5%. Scatec will

provide engineering, procurement, and construction (EPC), operations &

maintenance (O&M), and asset management (AM) services to the project.

According to the Department of Mineral Resources and Energy, commercial close is

expected to be concluded by the end of Q1 2026. The project will be located in

the Free State Province.

For further information, please contact:

For analysts and investors:

Andreas Austrell, VP IR

andreas.austrell@scatec.com (mailto:andreas.austrell@scatec.com)

+47 974 38 686

For media:

Meera Bhatia, SVP External Affairs & Communications

meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)

+47 468 44 959

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 6.2 GW in

operation and under construction across five 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 or connect with us on

LinkedIn.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act