Scatec sells partial ownership in Kalkbult, Linde, and Dreunberg solar power plants in South Africa to STANLIB Infrastructure Fund II for ZAR 921 million
Type: Sale · Technology: Solar · Country: South Africa · Capacity: 190 MW · Announced: 2024-08-02
Scatec divested a 42% equity stake in its 190 MW Kalkbult, Linde, and Dreunberg solar PV power plants in South Africa to STANLIB Infrastructure Fund.
Analysis
Scatec is selling a partial stake in its 190 MW Kalkbult, Linde, and Dreunberg solar plants in South Africa to STANLIB Infrastructure Fund II for ZAR 921 million. This isn't a full exit; Scatec, a developer and operator in emerging markets, will recycle the capital into new renewable energy investments while retaining the lucrative O&M and asset management contracts. For STANLIB, an existing investor, the transaction deepens its commitment by moving to majority ownership in these operational assets. It's a clear capital recycling play, allowing Scatec to unlock value from mature assets while maintaining a service revenue stream in a key market.
Key points
- ZAR 921M (USD 50M) partial sale of 190 MW solar portfolio.
- Scatec retains O&M and Asset Management for the facilities.
- STANLIB Infrastructure Fund II, an existing investor, becomes majority owner.
Counterparties
- Greenstreet 1 Proprietary limited (Buyer)
- STANLIB Infrastructure Fund II (Parent Company)
- STANLIB Asset Management Proprietary Limited (Parent Company)
- Scatec ASA (Seller)