Scatec Solar signs project documents for its 33 MW project in Mali

Oslo, 31 May 2019: Scatec Solar and its partners has signed an amendment to the Segou project concession agreement with the Government of Mali. The signing took place in the presence of Mali’s Prime Minister and Minister of Energy, as well as the Norwegian Prime Minister as part of her visit to Bamako, Mali. The project has been awarded economic support from Norad (The Norwegian Agency for Development Corporation), both related to project development and for grid infrastructure investments that will be transferred and operated by EDM after the project is completed.

“We are pleased to move this project forward together with the Government and our partners. The solar plant will be supplying about 5% of Mali’s electricity, helping economic growth and development in the country”, says Raymond Carlsen CEO of Scatec Solar.

International Finance Corporation (IFC) and African Development Bank (AfDB) will provide non-recourse project finance for the project. The financing includes a concessional loan from the Climate Investment Funds under the Scaling Up Renewable Energy Program of approximately USD 20 million.

The project signed a Power Purchase Agreement (PPA) with Electricité du Mali (EDM), the national utility in July 2015. Scatec Solar will build, own and operate the solar power plant with a 51% shareholding. IFC Infraventures and Africa Power will hold the remaining part of the equity. Scatec Solar will also be the Engineering, Procurement and Construction (EPC) provider and will provide Operation & Maintenance as well as Asset Management services to the power plant.

Annual production from the 33 MW solar power plant is expected to be approximately 57 GWh and the clean energy produced by the plant will contribute to avoid 33,000 tonnes of CO2 annually.

For further information, please contact:
Mikkel Tørud, CFO
tel: +47 976 99 144
mikkel.torud@scatecsolar.com

Ingrid Aarsnes, Communication & IR
tel: +47 950 38 364
ingrid.aarsnes@scatecsolar.com

About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1 GW. The company has a total of 1.7 GW in operation and under construction in Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda, South Africa and Ukraine.

With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’. To learn more, visit www.scatecsolar.com.