13 December 2021: Release by Scatec has entered into a lease agreement with
electricity company ENEO in Cameroon to deliver two hybrid solar and storage
plants totalling 36 MW solar and 20 MW/19 MWh storage. The plants will supply
low cost, clean and reliable electricity in Maroua and Guider in the Grand-North
of Cameroon. IFC is partnering with Release to realise these redeployable
projects.
Release by Scatec will further install 7.7 MWp solar in Chad to supply clean,
renewable energy to five smaller grids owned by ZIZ Energie. FMO and Energy
Access Ventures back the Chad project.
Cameroon
"We are pleased to enter into this agreement with ENEO, which further fuels our
journey to make renewable energy more accessible and affordable across growth
markets. The deal marks our entry into the Cameroonian market, and we are proud
to contribute with a cost-efficient and immediate solution to a cleaner and more
stable electricity supply in a region suffering from power shortages caused by
droughts limiting the supply of hydropower," says Raymond Carlsen, CEO at
Scatec.
Release by Scatec is a pre-assembled, modular and redeployable solar power and
storage system, allowing for fast and easy power generation. ENEO and Release by
Scatec have entered into a flexible contract term that enables ENEO to
coordinate the generation capacity with their needs going forward.
IFC will contribute 10-20% of the project costs of the Cameroon project and will
further support the development of Release by Scatec through project development
activities and future financing.
"Access to sustainable, reliable and affordable power is essential to economic
recovery and growth. IFC is proud to partner with Scatec's Release to help
bridge the power gap in Cameroon through a unique solution that enables solar
power systems to be quickly deployed to help meet the electricity needs of today
while paving the way for more competitive, cleaner and long-term energy sector
sustainability in Cameroon. This partnership fits with the World Bank Group's
mandate to align its work with the Paris Agreement goals to help our private and
public sector partners meet global climate targets," says Sylvain Kakou, IFC's
Country Manager for Central Africa.
The first power is expected to be delivered around year end 2021, and the
remaining will be delivered in phases, where the full project is expected to be
completed by mid-2022.
The pay-back time for Scatec's investment in the project is in line with
previous guidance around the Release business concept.
"The structure of this project is unique as it ensures supply of clean and
reliable energy for governments and utilities, without sovereign guarantee
requirements or parliamentary approvals. We believe this model will be a sound
solution for many utilities in Africa struggling with power shortages and grid
instabilities," says Hans Olav Kvalvaag, SVP Release by Scatec.
Chad
In Chad, Release by Scatec is installing 7.7 MWp of solar plant capacity across
the country, which will support clean energy access to 300,000 people across 5
provincial cities and their newly built decentralised "metro-grids" developed
and operated by local private utility ZIZ Energie. ZIZ Energie is backed by the
Dutch FMO and Energy Access Ventures and has recently received funding from the
Development Bank of Central African States (BDEAC), to build grid infrastructure
and connections to provide access to electricity for households and industries
in the proximity. Installation of the power plants is expected to be finished
during 2022.
The projects in Cameroon and Chad add to Release by Scatec's ambitions of
providing cost-competitive, high-quality and redeployable renewable energy
solutions with a unique financing model to countries and consumers that are hit
hardest by the impact of climate change.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel:
+47 974 38 686, andreas.austrell@scatec.com
(https://www.globenewswire.com/Tracker?data=tVolFDZ6LAXfopqdUhXOBmG7a-
GOYZ9tpJJxMbUZWo45YupocsczyhW4JlEbDyDObK_doR_7jm_ebFXnK0_Hg1LsdpFu3JquQMTz6vERIF
utqsUA8hCTFA6mYeZjINln)
For media: Stian Tvede Karlsen, Communications Manager, tel: +47 920 67 460,
stian.karlsen@scatec.com (mailto:stian.karlsen@scatec.com) ?
About Scatec ASA
Scatec is a leading renewable power producer, delivering affordable and clean
energy worldwide. As a long- term player, Scatec develops, builds, owns and
operates solar, wind and hydro power plants and storage solutions. In the first
half of 2021, Scatec will have a total of 3.3 GW in operation on four continents
and more than 500 employees. The company is targeting 15 GW capacity in
operation or under construction by the end of 2025. Scatec is headquartered in
Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol
'SCATC'. To learn more about Release by Scatec, visit www.releasesolar.com
(https://www.globenewswire.com/Tracker?data=luKeJWLTbvgtIOewU8IWtuKGsTdL0Z54jOCi
fTI1ADJ-SA4r3aeNR--OHVq5w-n0l5yR3w95Rf7m0HP4u7fVtEMFb6ojAr32INnh598WgoM=).
About IFC
IFC-a member of the World Bank Group-is the largest global development
institution focused on the private sector in emerging markets. We work in more
than 100 countries, using our capital, expertise, and influence to create
markets and opportunities in developing countries. In fiscal year 2021, IFC
committed a record $31.5 billion to private companies and financial institutions
in developing countries, leveraging the power of the private sector to end
extreme poverty and boost shared prosperity as economies grapple with the
impacts of the COVID-19 pandemic. For more information, visit www.ifc.org
(http://www.ifc.org)
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act