Scatec Divests 8.5 MW Solar Power Plant in Rwanda, Aligning with Strategic Goals

Scatec ASA, a leading renewable energy company in emerging economies, has today signed an agreement with Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell its 54% equity share in the 8.5 MW solar power plant in Rwanda for USD 1.38 million (NOK 14.2 million), in line with the company’s strategy.

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

The ASYV power plant in Rwanda commenced operations in 2014. The power was sold under a 25-year Power Purchase Agreement with the state-owned utility EWSA, guaranteed by the Government of Rwanda. The transaction is subject to the customary regulatory consents and is expected to close in 2024. Scatec is also exiting from the operations & maintenance and asset management agreements as part of the sale.