Latest news with #ScatecASA
Yahoo
3 days ago
- Business
- Yahoo
Scatec wins battery storage project in South Africa
Scatec ASA has been awarded preferred bidder status for the 123 MW Haru BESS in South Africa.
IOL News
4 days 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:
Yahoo
6 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
13-05-2025
- Business
- Zawya
EBRD backs Egypt's first solar, battery storage project with $30mln equity bridge loan
The European Bank for Reconstruction and Development (EBRD) has announced a $30m equity bridge loan to Obelisk Solar Power, a special purpose vehicle owned by Scatec ASA, a global leader in renewable energy and a long-term strategic partner of the Bank. The financing will support the equity requirements for the construction of a 1 GWac photovoltaic solar power plant and a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi, Upper Egypt. This will be Egypt's first hybrid solar and battery storage project, and is expected to serve as a pilot model for integrating battery storage with renewable energy in the country. The project plays a key role in supporting Egypt's green energy transition, helping maintain grid stability and reliability as electricity demand continues to rise. It is being developed under the energy pillar of Egypt's Nexus on Water, Food, and Energy (NWFE) platform, a flagship initiative launched at COP27 in Sharm El Sheikh, led by the EBRD. The NWFE program aims to unlock Egypt's potential to become a regional hub for renewable energy. Once operational, the hybrid plant is expected to reduce CO₂ emissions by approximately 1.357 million tonnes annually, significantly contributing to Egypt's climate goals and international commitments. Egypt, a founding member of the EBRD, has been a major focus for the Bank's investments since operations began in the country in 2012. To date, the EBRD has invested more than €13.8bn in over 201 projects nationwide. The Bank's investments in Egypt span across a range of sectors, including financial services, agribusiness, manufacturing, infrastructure, and transportation, as well as critical utilities such as power, municipal water, and wastewater services. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Yahoo
09-05-2025
- Business
- Yahoo
Scatec ASA (STECF) Q1 2025 Earnings Call Highlights: Record Revenues and Strategic Growth ...
Release Date: May 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Scatec ASA (STECF) reported a strong financial quarter with revenues of 2.4 billion and EIA of 1.4 billion, significantly up from the previous year. The company has an all-time high backlog and construction capacity of 4.2 gigawatts, enabling significant future construction activity. Scatec ASA (STECF) successfully issued a new green bond of 1.25 billion kronors at attractive terms, improving its debt maturity profile. Power production increased by 21% year-on-year, driven by new projects in Botswana, Brazil, and Pakistan, as well as favorable hydrology in Laos and the Philippines. The Philippines delivered exceptional results with power production nearly doubling and revenues increasing by 2.8 times, highlighting the strategic value of flexible hydropower and battery services. The company faces potential risks from geopolitical situations and changing regulations in the countries it operates. There is uncertainty in hydrology predictions, which could impact power production in regions like the Philippines and Laos. Scatec ASA (STECF) acknowledges the need for continued discipline in project selection to avoid moving forward with marginally attractive projects. The company is operating in a competitive renewable energy market, which requires careful management to secure advantageous projects. There are concerns about maintaining high EPC execution standards across a large and diverse construction portfolio spanning multiple countries. Warning! GuruFocus has detected 9 Warning Signs with STECF. Q: As you head into 2025 with peak construction activity, do you foresee maintaining or increasing this level into 2027? A: We have 16 billion in remaining EPC contract value, which will sustain construction activity into 2027. Beyond that, we have a pipeline of nearly 9 gigawatts, including solar, wind, batteries, and green hydrogen. Renewable energy remains competitive, and we expect to continue converting projects from pipeline to backlog and construction. Q: Regarding the ancillary services market in the Philippines, was the outperformance due to price increases on long-term contracts or spot market activity? A: It's approximately a 50-50 split between contracts and the spot market. We've seen price volatility in the spot market, and with batteries, we've captured high prices. This quarter's performance was driven by both spot market activity and favorable hydrology. Q: With substantial construction in non-core markets, do you plan to hold or divest these projects? A: In non-core markets, we focus on areas with strong renewable potential. If we can build scale, we may retain projects. However, if market conditions change and scale isn't achievable, divestment becomes a possibility. Q: With corporate net debt at 5.2 billion, will you maintain this level as you double your asset base? A: We have no plans to increase corporate debt. New activities will be financed at the project level, maintaining our commitment to a $54 billion investment target, using 75% to pay down corporate debt by 2027. Q: What are your current concerns or risks, both internal and external? A: Internally, we must remain disciplined in project selection and execution, especially with our largest EPC program underway. Externally, while renewable energy is competitive, we must navigate geopolitical changes and regulatory shifts. We also monitor the situation in Ukraine closely. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
