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Scatec ASA
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==== New Contracts ==== As of August 2023 Scatec has reached financial close for its three Grootfontein solar projects in South Africa, won as part of the Department of Mineral Resources’ fifth bidding round of its Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in 2021. With a total capacity of 273 MW solar power. Once operational the projects will deliver much needed renewable energy under a 20-year Power Purchase Agreement. The project will start construction next year and achieving commercial operation in 2025. The power plants have an estimated total project cost of ZAR 5.1 billion (USD 270 million) of which Scatec’s EPC contracts account for approximately 75%. The project will be financed by equity from the owners and ZAR 4.5 billion (USD 241 million) of non-recourse project finance debt provided by Standard Bank of South Africa as mandated lead arranger. Scatec will own 51% of the equity in the project, with H1 Holdings, our local Black Economic Empowerment partner owning 46.5% and the Grootfontein Local Community Trust 2.5%. Scatec will be the Engineering, Procurement and Construction (EPC) provider and provide Operation & Maintenance as well as Asset Management services to the power plants. Construction start is expected during the first quarter of 2024.
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