Scatec divests Rwandan 8.5-MW solar farm in market exit

Norwegian renewable power producer Scatec ASA (OSL:SCATC) announced on Thursday that it has wrapped up the sale of its 54% stake in an 8.5-MW solar farm in Rwanda and ceased all operations in the Central African country.

As agreed in late December 2023, African investors Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd acquired the stake for USD 1.38 million (EUR 1.28m).

With the transaction, Scatec also exited from the operations, maintenance, and asset management agreements for the solar farm, marking the official end of its business in Rwanda.

“We continue to deliver on our strategy to consolidate our portfolio through divestment of assets in non-core markets, and recycling capital into new investments in renewable energy,” commented Scatec CEO Terje Pilskog.

The solar farm in question is known as ASYV, or Agahozo-Shalom Youth Village. It began operations in 2014.

(USD 1.0 = EUR 0.927)

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