Scatec closes first phase of the Kalkbult, Linde, and Dreunberg transaction in South Africa
30 September 2024 - 10:11PM
UK Regulatory
Scatec closes first phase of the Kalkbult, Linde, and Dreunberg
transaction in South Africa
Oslo, 30 September 2024: Scatec ASA, a leading
renewable energy provider, has closed the first phase of the
previously announced sale of parts of its ownership in the
Kalkbult, Linde and Dreunberg solar power plants to Greenstreet 1
Proprietary Limited, a subsidiary of STANLIB Infrastructure Fund
II, managed by STANLIB Asset Management Proprietary Limited
(“STANLIB”).
Scatec received a gross consideration of ZAR 921 million (USD 53
million) for the total ownership share sold to STANLIB. The net
interest-bearing debt related to the sold share of the power plants
was ZAR 939 million (USD 55 million) at the end of the second
quarter 2024, amounting to a transaction enterprise value of
approximately ZAR 1.86 billion (USD 108 million) and an enterprise
value per MW of USD 1.7 million.
Following closing of the first phase, Scatec holds an economic
interest of approximately 31 percent in Kalkbult and 28 percent in
Linde and Dreunberg. The power plants will hereafter be accounted
for as joint ventures in Scatec’s group accounts, which will
generate a total accounting gain of approximately ZAR 2.4 billion
(NOK 1.5 billion) on a consolidated basis. The accounting gain on
proportionate basis for the first phase is approximately ZAR 0.6
billion (NOK 0.4 billion). The total gain on consolidated basis and
the gain on proportionate basis for the first phase of the
transaction will be recognised in the financial results for the
third quarter 2024.
The second phase of the transaction is expected to close in the
first half of 2025 when Scatec’s economic interest will be further
reduced to approximately 13 percent in Kalkbult and 12 percent in
Linde and Dreunberg. Closing of the second phase is subject to
customary consents including lender, shareholder, and regulatory
authority approvals. The remaining accounting gain on proportionate
basis will be recognised at closing of the second phase of the
transaction.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47
974 38 686, andreas.austrell@scatec.com
For media: Meera Bhatia, SVP External Affairs & Communications,
phone: +47 468 44 959, 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 4.7 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 or
connect with us on LinkedIn.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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