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.