Scatec enters deal to sell 42% stake in 258 MW Solar plant in South Africa
Scatec has entered into an agreement for the sale of a 42% stake in the 258 MW Upington solar power plant to a subsidiary of STANLIB Infrastructure Fund II, managed by STANLIB Asset Management Proprietary Limited.
The transaction is valued at a gross consideration of NOK569 million (US$56.62 million). The project has been in operation since April 2020 in Upington, in the Northern Cape province. The portfolio produces 650 GWh of electricity and avoids about 550,000 tons of CO2 emissions per year. Scatec will continue to provide Operations & Maintenance and Asset Management services to the Upington power plant.
Norfund is also selling its 18% equity share to STANLIB as part of the same transaction. The transaction is subject to the customary consents and is expected to close in the first half of 2023.
