Scatec ASA

Regulatory Filings • Nov 30, 2023

Scatec awarded battery storage project for 103 MW in government tender in South Africa

Scatec awarded battery storage project for 103 MW in government tender in South Africa

Oslo, 30 November 2023: Scatec ASA has been awarded preferred bidder status for

the Mogobe (Ferrum) battery energy storage project totalling 103 MW/ 412 MWh

under the first 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 dispatch power under a 15-year power

purchase agreement (PPA).

"This marks another significant achievement for Scatec in South Africa and for

the renewable energy transition in the country. 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 battery storage

procurement programme," says Scatec CEO Terje Pilskog.

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

projects at Kenhardt, we have established ourselves as a frontrunner in the

dispatchable renewable energy landscape of South Africa and the African

continent.

"Once again, we have shown that dispatchable energy and grid infrastructure are

cornerstones to the sustainability of South Africa's current and future energy

system," adds Jan Fourie, EVP Sub-Saharan Africa, Scatec.

The request for proposal was issued on 7 March 2023, and bid submission on 2

August 2023. The programme aims to procure 513 MW of battery storage via the

Department of Mineral Resources and Energy, across five specific Eskom (national

utility) transmission substations in the Northern Cape province.

The estimated total capex for the battery energy storage project is ZAR 3.1

billion (USD 163 million) of which Scatec's EPC contracts account for

approximately 83%. The project will be financed by ZAR 2.6 billion (USD 138

million) of non-recourse project debt and the remaining by equity from the

owners.

Scatec will own 51% of the equity in the project with Perpetua Holding owning

46.5% and a Community Trust holding 2.5%. Scatec will be the engineering,

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

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

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

expected to be concluded by June 2024.

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,

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

For media: Meera Bhatia, SVP Communications & Government Affairs, phone:

+47 468 44 959, meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)

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 4.3 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://scatec.com/) or connect with us on LinkedIn

(https://www.linkedin.com/company/scatec).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act