Scatec to divest interest in 8.5-MW solar farm in Rwanda

Norwegian renewable power producer Scatec ASA (OSL:SCATC) has decided to sell its 54% equity share in the 8.5-MW ASYV solar farm in Rwanda in line with its divestment strategy.

Scatec said on Tuesday that it has signed an agreement with African investors Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell the stake for USD 1.38 million (EUR 1.26m). The same deal will also see Scatec exit from the operations and maintenance and asset management agreements.

“This transaction is aligned with our strategy to consolidate our operating portfolio through divestments of assets in non-prioritised markets,” Scatec CEO Terje Pilskog said in a statement.

The ASYV, or Agahozo-Shalom Youth Village, solar farm began operations in 2014, generating electricity under a 25-year power purchase agreement (PPA) with the Rwandan state-owned utility formerly known as EWSA.

The transaction hinges on customary regulatory consents. Scatec expects to close the sale in 2024.

(USD 1.0 = EUR 0.914)

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