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Scatec Solar to boost stake in 3 solar plants in South Africa

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Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

Scatec Solar to boost stake in 3 solar plants in South Africa

Norway-headquartered Scatec Solar ASA agreed to increase its ownership interest in three solar facilities totaling 190 MW in South Africa to 45% from 39%.

Under the deal, Scatec Solar and South Africa's STANLIB Private Equity Infrastructure Fund 1 will acquire all of Norfund's 21% shares in the Kalkbult facility and KLP Norfund's 16% shares in the Linde and Dreunberg facilities.

Scatec Solar will buy 33% of the shares and STANLIB will purchase the balance of the shares. The transaction is expected to close during the fourth quarter, pending approval of the South African Competition Commission Authorities.

"South Africa continues to be an important market for Scatec Solar and with the construction of the Upington plants we will have solid position with a production capacity of 448 MW in the country," Scatec Solar CEO Ramond Carlsen said in an Aug. 30 release.

STANLIB is a multi-specialist asset manager that operates in eight African countries. Norfund is a private equity and venture capital firm specializing in direct and fund of fund investments through equity and loans.