Scatec ASA

Regulatory Filings • Jul 18, 2023

Scatec sells Mozambique solar power plant to Globeleq for USD 8.5 million in line with strategy

Scatec sells Mozambique solar power plant to Globeleq for USD 8.5 million in line with strategy

Oslo, 18 Jul 2023: Scatec ASA, a leading renewable energy company in emerging

markets, has today signed an agreement with Globeleq to sell its 52.5% equity

share in the 40 MW Mocuba solar power plant in Mozambique for USD 8.5 million

(NOK 85 million), in line with the company's strategy.

"This transaction is in line with our strategy to optimise our portfolio, which

includes the divestment of smaller assets in non-focus markets. The sale will

release capacity for our focus markets and capital for new investments in

renewable energy. We are very pleased to secure a value accretive transaction

and are confident that Globeleq will be a solid owner of the asset going

forward," says Scatec CEO Terje Pilskog.

Globeleq is an independent power producer in Sub-Saharan Africa, with over 2.1

GW power production capacity in operation or under construction. The company is

owned 70% by British International Investment and 30% by Norfund.

The Mocuba solar power plant is located in the Zambézia Province of Mozambique

and was commissioned in August 2019. The project has an annual production of

approximately 75 GWh and holds a 25-year PPA with the state-owned utility, EDM.

As part of the transaction, Globeleq will assume responsibility for operations &

maintenance and asset management services for the power plant.

The transaction is expected to generate a net accounting gain of approximately

USD 4 million on a consolidated basis and USD 3 million on a proportionate

basis. The final accounting effects will be determined on closing of the

transaction. The transaction is subject to the customary consents and is

expected to close in the first half of 2024.

For further information, please contact:

For analysts and investors: Andreas Austrell, VP Investor Relations, tel:

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

(https://www.globenewswire.com/Tracker?data=C9TMrSLnycYwiLJZXZY8RnnO-

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wROSWasGV6gyT-IPBTJKW-z-3iEOeadC0TDgSo8=)

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

+47 468 449 59, 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 4.6 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 stock exchange announcement was published by Aidan Wildschut, Senior

Communication and Public Affairs Coordinator at Scatec ASA, on 18 July 2023

at 07:01 CEST.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.