Scatec wins battery storage project in South Africa

Core Insights - Scatec ASA has been awarded preferred bidder status for the Haru BESS Battery Energy Storage Project in South Africa, totaling 123 MW/492 MWh [1] - The project will be financed with an estimated total capex of ZAR 2.2 billion (USD 120 million), with 90% funded by non-recourse project debt [2] - Scatec will own 50.01% of the project equity, with Stanlib's Greenstreet and Redstreet Funds holding 44.99% and a Community Trust holding 5% [5] Company Positioning - Scatec's CEO highlighted the company's leadership in renewable energy in South Africa and the importance of battery energy storage in the energy transition [3] - The company is actively involved in stabilizing the national grid through battery integration, building on previous projects [4] - Scatec is committed to expanding its renewable energy capacity, with 6.2 GW in operation and under construction across five continents [6]