News flash
- Scatec has closed the divestment of its 54% equity stake in the 8.5 MW solar power plant in Rwanda to Fortis Green Fund I Rwanda Holdings Ltd (Fortis) and Axian Energy Green Ltd (Axian) for USD 1.38 million.
“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. We are very satisfied with the closing and would like to thank the teams in Scatec, Fortis, Axian and other parties involved for a successful transaction. We are confident that the new owners will take good care of the solar power plant and continue to deliver clean renewable energy to the Republic of Rwanda for many years to come,” says Scatec CEO Terje Pilskog.
Situated in the Rubona District, the solar plant provides energy to the national grid. The Agahozo-Shalom Youth Village (ASYV) is the only utility scale solar plant in the country, and was the first large-scale solar plant to be constructed in Eastern Africa. Leasing the land from the local school, benefits the community extensively alongside providing stable, consistent power to the grid. The plant holds a 25-year PPA with the state-owned utility Rwanda Energy Group (formerly EWSA).
Scatec has also exited from the operations, maintenance, and asset management agreements for the power plant and has officially discontinued all operations in Rwanda.
Author: Bryan Groenendaal
