The transaction, executed in two phases,see Scatec reducing in stakes in the South African solar assets, with the second phase expected to close in early 2025.(Image Source: Scatec)
Norway-based renewable energy company, Scatec ASA has completed the first phase of its sale of stakes in the Kalkbult, Linde, and Dreunberg solar plants in South Africa to Greenstreet 1 Proprietary Limited, a subsidiary of STANLIB Infrastructure Fund II. Scatec received a gross consideration of ZAR 921 million ($53 million) for the stake sold. At the end of Q2 2024, the related net interest-bearing debt for the sold share was ZAR 939 million ($55 million), resulting in a transaction enterprise value of ZAR 1.86 billion ($108 million). Following the completion, Scatec retains 31% economic interest in Kalkbult and 28% in Linde and Dreunberg, with the plants now accounted for as joint ventures. The transaction is expected to generate a consolidated accounting gain of ZAR 2.4 billion (NOK 1.5 billion) for Scatec, with the first phase’s proportionate gain recognized in Q3 2024. The second phase, expected to close in early 2025, will reduce Scatec’s holdings to approximately 13% in Kalkbult and 12% in Linde and Dreunberg, pending customary consents.
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