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Scatec closes sale of its stake in Upington solar plant

1st June 2023

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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Renewable energy company Scatec has concluded the sale of its 42% equity stake in the 258 MW Upington solar plant for R973-million.

It will, however, continue to provide operations and maintenance, and asset management services, to the plants.

Scatec in February announced that it had entered into a transaction to sell its stake in the plant to Stanlib Infrastructure Fund.

The proceeds will be recycled into new investments within renewable energy.

“We are very pleased to secure a value-accretive transaction, in line with our strategy to optimise our portfolio and recycle capital. South Africa remains a focus market for us, and we will continue to build scale through new investments in the country,” says Scatec CEO Terje Pilskog.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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