- Norwegian independent power producer (IPP) Scatec has announced the sale of its shares in the Upington solar PV complex in South Africa.
- In addition to Scatec’s shares, asset manager Stanlib is buying all of Norfund’s shares.
Scatec is divesting part of its assets in South Africa as the Norwegian independent power producer (IPP) sells all its shares in the Upington solar photovoltaic complex. Its shares are being bought by a subsidiary of Stanlib Infrastructure Fund II, managed by Stanlib Asset Management Proprietary, an asset manager based in Johannesburg, South Africa.
Scatec, which owns 42% of the Upington solar complex, is selling its shares for NOK 569 million, or just over $57 million. Additionally, the 18% shareholder Norwegian Investment Fund for Developing Countries (NORFUND) has chosen to sell its stock to Stanlib. Stanlib will control 60% of the complex, with H1 Holdings (35%), the community trust (5%), and any South African regulatory bodies that may be involved in the transaction holding the remaining shares.
The Upington solar complex, which is in the Northern Cape, consists of three 86 MWp-capable facilities that have been in operation since 2020. These facilities have a combined capacity of 258 MW, which Scatec estimates to produce 650 GWh per year, enough to power 120,000 South African homes while helping to reduce emissions by 600,000 tonnes of CO2 equivalent over the same period.
The corporation, which has its headquarters in Oslo, Norway, is still making investments in South Africa, most notably through the Kenhardt solar project. It entails the installation of a battery storage system that can store 225 MW of electricity as well as 540 MWp of installed solar capacity. Under the Risk Mitigation Independent Power Producer Procurement Programme, Scatec is creating this project (RMIPPPP).