Scatec ASA, a leading renewable energy provider, has closed the first phase of the previously announced sale of parts of its ownership in the Kalkbult, Linde and Dreunberg solar power plants to Greenstreet 1 Proprietary Limited, a subsidiary of STANLIB Infrastructure Fund II, managed by STANLIB Asset Management Proprietary Limited (“STANLIB”).
Scatec received a gross consideration of ZAR 921 million (USD 53 million) for the total ownership share sold to STANLIB. The net interest-bearing debt related to the sold share of the power plants was ZAR 939 million (USD 55 million) at the end of the second quarter 2024, amounting to a transaction enterprise value of approximately ZAR 1.86 billion (USD 108 million) and an enterprise value per MW of USD 1.7 million.
Following closing of the first phase, Scatec holds an economic interest of approximately 31 percent in Kalkbult and 28 percent in Linde and Dreunberg. The power plants will hereafter be accounted for as joint ventures in Scatec’s group accounts, which will generate a total accounting gain of approximately ZAR 2.4 billion (NOK 1.5 billion) on a consolidated basis. The accounting gain on proportionate basis for the first phase is approximately ZAR 0.6 billion (NOK 0.4 billion). The total gain on consolidated basis and the gain on proportionate basis for the first phase of the transaction will be recognised in the financial results for the third quarter 2024.
The second phase of the transaction is expected to close in the first half of 2025 when Scatec’s economic interest will be further reduced to approximately 13 percent in Kalkbult and 12 percent in Linde and Dreunberg. Closing of the second phase is subject to customary consents including lender, shareholder, and regulatory authority approvals. The remaining accounting gain on proportionate basis will be recognised at closing of the second phase of the transaction.
