South Africa: STANLIB fund acquires Scatec and Norfund stakes in Upington solar plant
Scatec, a renewable energy company in emerging markets, has signed an agreement with a subsidiary of the STANLIB Infrastructure Fund II to sell its 42% equity share in the 258 MW Upington solar power plant for a gross consideration of ZAR 979 million ($56.5 million).
“Today’s transaction is in line with our strategy to optimise our portfolio as presented at our Capital Markets Update in September 2022 and will release capital for new investments in renewable energy. We are very pleased to secure a value accretive transaction and are confident that STANLIB will be a solid owner of the asset going forward,” says Scatec CEO, Terje Pilskog.
Norfund is also selling its 18% equity share to STANLIB as part of the same transaction. The transaction is subject to the customary consents and is expected to close in the first half of 2023.