The Project Company is Mmadinare Solar Pty Ltd, a Special Purpose Vehicle (“SPV”) incorporated in Botswana. Scatec ASA indirectly owns 100% of the SPV’s shares and will act as the EPC, O&M and Asset Manager in the Project delivery through its vertically integrated business model. To serve this purpose a separate, a wholly owned subsidiary has been incorporated in Botswana as Scatec Operations Botswana Pty Ltd. A sell down of 40% of shares in the Project Company to local Botswana investors is envisioned within 5 years after Commercial Operation Date (“COD”) on a best-effort basis.

Scatec, listed on the Oslo stock exchange, is a leading global renewable power producer, delivering affordable and clean energy. Scatec develops, builds, owns, and operates solar, wind and hydro power plants and battery energy storage solutions. With over 731 employees, Scatec has 4.23 GW in operation and 342 MW under construction across four continents.                                                  

 The Project cost is expected to be up to USD 58 million (exclusive of VAT). The proposed financing package includes: (i) an IFC A loan of up to USD 19 million, (ii) a USD interest rate swap intermediated by IFC and (iii) a Parallel Loan of up to BWP 380 million from the South African bank Rand Merchant Bank (“RMB”). The balance is covered by equity from Scatec.                                                  

 The Project is located close to Selebi Phikwe town and will interconnect to the newly built 33/220kV Mmadinare Substation that feeds into the transmission line between Selebi Phikwe and Phokoje substation. The Phokoje substation is situated on the Southern African Power Pool (“SAPP”) north-south 400kV transmission backbone providing the Project a stable point of interconnection as well as a strategic location in respect of the SAPP. The Project will cover an area of approximately 140ha and will have an installed peak capacity of 60MWp, making use of single axis trackers and bifacial solar panels.