Latest news with #Scatec
IOL News
a day ago
- Business
- IOL News
Scatec wins major battery storage project in South Africa
Norwegian renewable energy company Scatec ASA has been named the preferred bidder for the 123 MW/492 MWh Haru Battery Energy Storage System (BESS) project in South Africa Norwegian renewable energy company Scatec has been named the preferred bidder for the 123 MW/492 MWh Haru Battery Energy Storage System (BESS) project in South Africa by the Department of Mineral Resources and Energy, as part of the third bid window of the country's Battery Energy Storage Independent Power Producer Procurement Programme. Under a 15-year agreement, Scatec will receive payments for providing storage capacity to the National Transmission Company of South Africa (NTCSA), which will use the capacity to stabilise the national grid. The project, with an estimated capital expenditure of R2.2 billion, will be financed through 90% non-recourse project debt and 10% equity from the owners. Scatec's engineering, procurement, and construction (EPC) contracts account for approximately 80% of the total capex. 'This award strengthens our position as a leading renewable energy provider in South Africa,' said Scatec CEO Terje Pilskog. 'Battery storage is critical to the energy transition, and we are committed to driving progress in our core markets.' The project builds on Scatec's experience with hybrid solar and battery storage projects at Kenhardt and the ongoing Mogobe BESS project. 'Dispatchable energy and robust grid infrastructure are vital for South Africa's sustainable energy future,' said Alberto Gambacorta, the general manager and EVP for Sub-Saharan Africa at Scatec. Scatec will hold a 50.01% equity stake in the project, with Stanlib's Greenstreet and Redstreet Funds owning 44.99% and a Community Trust holding 5%. Scatec will also provide EPC, operations and maintenance (O&M), and asset management services. The project, located in the Free State Province, is expected to reach commercial close by the end of Q1 2026. BUSINESS REPORT Visit:
IOL News
3 days ago
- Business
- IOL News
How Mulilo and Scatec are transforming SA's power grid with a R9. 5 billion battery storage bid
nister of Electricity and Energy, Kgosientsho Ramokgopa, has announced Mulilo and Scatec as the preferred bidders Image: Jairus Mmutle/GCIS Minister of Electricity and Energy, Kgosientsho Ramokgopa, has announced Mulilo and Scatec as the preferred bidders for the country's third bid window of the battery energy storage program. The program aims to help increase the country's electricity grid capacity and improve energy security. Last month, IOL reported that Ramokgopa announced a plan to address the country's ongoing energy crisis through private sector involvement in transmission infrastructure development. He explained that the existing transmission network was unable to keep up with the country's growing renewable energy generation, particularly in areas such as the Northern and Western Cape. The battery storage program, initiated in March 2024, is designed to store excess electricity generated primarily from solar power during the day and release it during peak demand times in the morning and evening. In a press briefing on Friday, Ramokgopa confirmed that South African company Mulilo and Norwegian company Scatec have been chosen as the preferred bidders. 'For the site, the substation, that is Lienda, we have Scatec, who is a preferred developer. For Theseus, Everest, Harvard, and Merapi, we're happy to announce that Mulilo, which is a domestic outfit, has been identified as a preferred bidder.' 'I think what is significant about this round that we are announcing is that we are seeing that more and more South African companies are putting their hand up, and they are very competitive.' The program is expected to add 616 megawatts of battery storage capacity across five sites in the Free State province. Ramokgopa added that this investment will total R9.5 billion, including R3.7 billion in local content, supporting the country's economy by creating jobs and encouraging black ownership. The projects are expected to start commercial operations by January 2028. He further stressed the benefits for consumers and industries, adding that the country was making progress towards energy security. 'Once we bring down the cost of electricity, households won't face runaway tariff increases, and businesses will be more competitive. "This battery storage program is part of South Africa's broader plan to increase renewable energy while keeping coal as the backbone of the grid. We are making steady progress toward energy security and a greener future.' he said. IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel.
Yahoo
3 days ago
- Business
- Yahoo
Scatec wins battery storage project in South Africa
Oslo, 30 May 2025: Scatec ASA has been awarded preferred bidder status for the Haru BESS Battery Energy Storage Project totalling 123 MW/492 MWh in the third bid window of the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) in South Africa, by the Department of Mineral Resources and Energy. Scatec will receive payments under a 15-year agreement for making the storage capacity available for the National Transmission Company of South Africa (NTCSA) which will utilise the capacity to balance the grid. The estimated total capex for the battery energy storage project is ZAR 2.2 billion (USD 120 million) of which Scatec's EPC contracts account for approximately 80%. The project will be financed by 90% non-recourse project debt and the remaining by equity from the owners. 'Today's award reaffirms our standing as a leading renewable energy player in South Africa. We applaud the South African government's commitment and dedication to the renewable energy procurement programmes. Battery energy storage will continue to play an important role in the energy transition, and we will continue to be at the forefront across our core markets,' says Scatec CEO Terje Pilskog. Building on the experience garnered from the hybrid solar and battery storage projects at Kenhardt, and the ongoing construction of Mogobe BESS, Scatec continues to actively support battery integration to stabilise the national grid. 'Dispatchable energy and grid infrastructure are now more important than ever, in the pathway to unlock the sustainability of South Africa's current and future energy system,' adds Alberto Gambacorta, GM and EVP Sub-Saharan Africa, Scatec. Scatec will own 50.01% of the equity in the project with Stanlib's Greenstreet and Redstreet Funds owning 44.99% and a Community Trust holding 5%. Scatec will provide engineering, procurement, and construction (EPC), operations & maintenance (O&M), and asset management (AM) services to the project. According to the Department of Mineral Resources and Energy, commercial close is expected to be concluded by the end of Q1 2026. The project will be located in the Free State Province. For further information, please contact:For analysts and investors:Andreas Austrell, VP 974 38 686 For media:Meera Bhatia, SVP External Affairs & 468 44 959 About Scatec Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of 'Improving our Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more, visit or connect with us on LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Zawya
4 days ago
- Business
- Zawya
Egypt Aluminum targets $274mln profits in FY25/26
Cairo – The shareholders of Egypt Aluminum greenlighted the estimated budget for fiscal year (FY) 2025/2026, targeting net profits valued at EGP 13.71 billion. The ordinary general meeting (OGM) passed the capital budget with a value of EGP 5.91 billion, according to a bourse statement. Last March, the EGX-listed company penned a power purchase deal with Norwegian company Scatec to establish a 1 GW solar plant at a total cost of $750 million. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
IOL News
5 days ago
- Business
- IOL News
How South Africa is leading the charge in hybrid solar energy development
Explore how South Africa is transforming its energy landscape through hybrid solar solutions, enhancing grid stability and meeting net-zero commitments in the face of climate challenges. Image: File. As the global energy sector races to meet net-zero commitments, utility-scale solar is undergoing a fundamental transformation. No longer defined by megawatt capacity alone, solar projects are now being evaluated on their ability to deliver dispatchable power, enhance grid stability, and provide critical ancillary services. Nowhere is this evolution more pronounced than in Africa, particularly South Africa, where the Just Energy Transition is accelerating the shift towards resilient, grid-integrated renewable energy. 'Across the continent, and especially in South Africa, we're seeing a strategic move away from variable-only generation,'Jaco Uys, SVP Projects Sub-Sahara Africa at Scatec said. 'What matters now is whether a project can deliver clean energy consistently on demand day or night. This means thinking beyond solar panels, to fully integrated energy systems,' Uys said. South Africa's Eskom-constrained grid has spotlighted the urgent need for firm, responsive power. As Independent Power Producers (IPPs) are increasingly permitted to co-develop transmission infrastructure under the country's new Independent Transmission Projects (ITP) framework, the focus is shifting to hybrid models that combine generation with advanced control technologies. At the forefront of this movement is Scatec's Kenhardt project, a hybrid solar-battery development in the Northern Cape. Boasting 540 MW of solar PV paired with 225 MW/1,140 MWh of battery storage, Kenhardt delivers consistent dispatchable energy under a 20-year Power Purchase Agreement with Eskom. It was recently recognised at the 2025 Solar Energy Conference in Norway for its trailblazing approach in combining renewables with storage to strengthen energy reliability. 'Kenhardt isn't just a solar project,' Nic Bailey, SVP Operational Excellence and Digitalisation at Scatec said. Bailey, alongside Uys, is representing the company at Intersolar Europe in Munich this week. 'It's a demonstration of what's possible when you pair clean generation with flexible output. We're not just injecting power into the grid—we're actively supporting it,' Bailey added. Speaking from Munich both Bailey and Uys shared further reflections on the state of the industry: 'We're not witnessing seismic shifts in solar technology,' Bailey further said. 'Instead, we're seeing incremental improvements in efficiency, equipment size, and LCOE year on year. That's a positive for IPPs like us—it allows for predictability in planning and stability in execution.' 'Amid challenges in the solar module market, the booming battery energy storage (BESS) sector is emerging as a vital growth area. It's reshaping the value chain and fuelling supplier diversification,' said Uys. 'It's clear that Scatec continues to stand out as a reliable partner,' Bailey said. 'Suppliers consistently point to our ability to move challenging projects forward in complex markets—something few others are managing as consistently.' As South Africa continues to unlock private sector participation and modernise its energy infrastructure, the lessons from Kenhardt and other grid-resilient projects are resonating far beyond its borders. Hybrid solutions represent the next chapter in the solar story—offering not just power, but progress. BUSINESS REPORT
