Greenstreet acquires solar stakes from Scatec

Norway-based Scatec ASA, a leading renewable energy provider, has reached an agreement with Greenstreet 1 Proprietary Limited, a subsidiary of STANLIB Asset Management, to divest part of its stake in its PV plants in South Africa. Currently, Scatec ASA holds approximately 46% in Kalkbult and 44% in both Linde and Dreunberg. As per the agreement, Scatec ASA will reduce its stakes to about 13% in Kalkbult and 12% in Linde and Dreunberg through a two-phase transaction. These plants, with a combined capacity of 190 MW, are valued at ZAR 921 million (USD 50 million). Despite the sale, Scatec ASA will continue to provide Operations & Maintenance and Asset Management services. The first transaction phase is expected to conclude in late 2024, with the second phase wrapping up by early 2025, pending necessary approvals.