Scatec : signs agreement for the first IPP solar project in Lesotho totalling 20 MW – EQ Mag Pro
Scatec has entered an agreement with the Lesotho Electricity Company and the Government of Lesotho to build the first IPP solar project in Lesotho of 20 MW.
The Power Purchase Agreement, Connection Agreement and Implementation Agreement were signed at an official ceremony held in Lesotho’s capital, Maseru, which marked the culmination of successful negotiations with the Lesotho Electricity Company and the Government of Lesotho.
The project will be funded by the Renewable Energy Performance Platform (REPP) and equity co-sponsors; Scatec, Norfund, One Power Lesotho, Izuba Energy and the Lesotho Pension Fund.
“We are proud to be the first IPP to develop a solar project in Lesotho, an important step for Scatec in the country. The Southern African region is a key market for Scatec, and a region with great potential for the development of affordable clean energy. Scatec is the leading solar IPP in the region, and we look forward to expanding our footprint and developing more renewable energy in the years to come.” says General Manager for Sub-Sahara Africa Jan Jurie Fourie.
Scatec will build, operate and majority own the facility under a 25-year Power Purchase Agreement with financial close is expected early next year.
About Scatec ASA
Scatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long- term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. Scatec has more than 3.5 GW in operation and under construction on four continents and more than 500 employees. The company is targeting 15 GW capacity in operation or under construction by the end of 2025. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’.
Source: marketscreener
