66T Scatec ASA

10 June 2024, Cameroon/Norway: Release by Scatec has entered into two new lease agreements with the national electricity company ENEO in Cameroon, expanding its existing solar and battery storage power plants in the country to 64.4 MW of solar and 38.2 GWh of batteries.

Release completed the already existing solar plants in Maroua and Guider in Cameroon (35.8 MW solar and 19 MWh BESS) in September 2023, and is now adding 28.6 MW of solar and 19.2 MWh of battery storage.  The Maroua and Guider solar power plants are based on the innovative Release solution of movable panels and batteries, which are deployed under a simple and flexible leasing contract. Release has available funding for these projects based on the capital raise completed last year when Climate Fund Managers came in as equity investor with 32% ownership stake.

 “This extension is a testimony to the success of the initial projects and to the benefits provided by our innovative offering. By increasing the installed capacity in the country, we are reaffirming our collaboration with ENEO and our commitment to Cameroon as a key market for our solutions,” says Hans Olav Kvalvaag, CEO at Release.

“In addition to improving electricity supply in Cameroon and significantly reducing the cost and CO2 emissions from alternative generation based on diesel supply, these pioneering leasing contracts with ENEO are serving as a model for access to affordable clean energy for other countries and large energy consumers in the region. We have the funding available to support significant growth and expect to close and start implementing several additional projects from our pipeline in the coming months,” adds Kvalvaag,

When the extensions of the projects are completed, Release’s projects in totality will supply energy to about 200,000 households in Cameroon, according to ENEO estimates, generating an annual production of about 141.5 GWh of electricity. In combination with the storage capacity the installation will ensure stable supply of electricity also during peak hours.

"ENEO Cameroon has renewed its trust in its partner Release by Scatec to double the capacity of the solar power plants in Guider and Maroua. This move will enable Eneo to further secure power generation in the Northern regions while also improving service quality for households and the industrial sector in these regions. This new step towards more reliable and carbon-free energy is part of Eneo's strategy, which is central to its continued efforts, under the auspices of the Government of Cameroon, to sustainably improve on the power available in Cameroon," according to Amine Homman Ludiye, CEO of ENEO Cameroon.

"Our successful partnership with Release by Scatec has greatly benefited the local population in northern Cameroon by eliminating blackouts. This new project will further reduce our dependency on diesel and save the government millions of dollars in fuel costs," says H.E. Gaston Eloundou Essomba, Minister of Water and Energy, Republic of Cameroon.

The projects were originally developed in partnership with Izuba Energy and Sphinx Energy.

Contact:Hans Olav Kvalvaag, CEO Release, tel: +47 90 17 13 18, hans.olav.kvalvaag@scatec.com

About Release Designed to overcome financial and technical barriers associated with adopting solar energy, Release is a flexible leasing agreement of pre-assembled solar PV and battery equipment to deliver a low cost, clean, and reliable power solution. Release is owned by Scatec ASA (68%) and Climate Investor One (32%), an impact investment fund managed by Climate Fund Managers. Home – Release by Scatec (releasesolar.com)

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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