Release by Scatec raises USD 102 million to accelerate growth ambitions - Seite 2

“We are excited to have a partner as strong as CFM on board and one who shares our view of the potential and aspirations for our business concept. The new shareholder funding will be supplemented by Release through additional debt and guarantee facilities that are currently in advanced negotiations. This gives us the financial foundation we need to meet the strong demand for our flexible leasing model, for easily deployable renewable power plants,” says Release CEO, Hans Olav Kvalvaag.

“CFM’s purpose is to help end the climate crisis. We do this by raising and deploying cutting-edge blended finance funds at scale and at pace. Our blended finance model facilitated the integration of impact finance into the deal structure, which Release will be able to leverage to improve its cost structure for its battery and grid connection solutions, allowing Release to offer even more competitive pricing and better value to its clients. We are delighted to support the Release team as they roll-out their critical climate technology across Africa, helping significantly reduce the emissions of the mining and utility sectors,” says CFM CEO, Andrew Johnstone.

After closing of the transaction, Release will be accounted for as a joint venture investment in the group accounts of Scatec, which will generate an accounting gain of approximately USD 40 million in the consolidated financials at closing. There will be no impact on the proportionate financials from the transaction. Closing of the transaction is expected in the third quarter of 2023, subject to customary conditions precedent. 

Rand Merchant Bank (“RMB”), a division of First Rand Bank Limited, acted as the sole financial advisor to Scatec on the transaction.

For further information, please contact: 

For analysts and investors: Andreas Austrell, VP Investor Relations, tel: [phone], [e-mail].
For media: Aidan Wildschut, Senior Communications and Public Affairs Coordinator, tel: [phone], [e-mail].

  
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 4.6 GW in operation and under construction across four 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 www.scatec.com or connect with us on LinkedIn.