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.
Country news
-
-
December 16, 2022
AMEA Power to develop 120 MW Solar Project in South Africa
AMEA Power has been awarded a 120 MW solar photovoltaic (PV) project in South Africa as part of the Renewable Energy Independent Power Producer Procurement (REIPPP) Programme's Sixth Bid Submission Phase.
Read more -
December 05, 2022
AfDB to invest in multimillion Energy Fund
The African Development Bank (AfDB) has approved a US$20 million equity investment for Evolution III (EVIII), an Africa-focused energy and infra fund managed by Cape Town-based Inspired Evolution in Africa.
Read more -
April 13, 2020
Final PV plant of 258 MW complex starts operation in South Africa
Scatec Solar and partners have grid-connected and started commercial operation of the third 86 MW solar plant in Upington, South Africa, completing the 258 MW solar power complex.
Read more -
January 21, 2019
Investec and UKCI invest US$73 million in new African renewable energy yieldco
UK Climate Investments (UKCI) has announced a planned ZAR500 million (US$36.5 million) cornerstone investment in a dedicated African renewable energy yieldco, Revego Africa Energy Limited.
Read more -
November 30, 2018
AfDB approves financing for US$800 million CSP project in South Africa
The African Development Bank (AfDB) has announced that its Board of Directors has approved a senior loan of ZAR3 billion (US$228.6 million) to the 100 MW Redstone Concentrated Solar Power (CSP) Project. The total cost of the project is US$789 million.
Read more
