Scatec reaches financial close for 103MW BESS in South Africa [Yahoo! Finance]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: Yahoo! Finance
The company is preparing to begin the construction of the project, Africa's first and largest standalone dispatchable BESS system, near Kathu in the Northern Cape. Scatec will hold a 51% equity share in the project, with Perpetua Mogobe (RF) owning 46.5%, and a holding company of the Mogobe Local Community Trust having the remaining 2.5%. Mogobe BESS received a 15-year power purchase agreement (PPA) through the first bid window of South Africa's battery energy storage independent power producer procurement programme (BESIPPPP). The National Transmission Company of South Africa will utilise the storage capacity provided by Scatec to maintain grid stability. The project's total capital expenditure is estimated at R3bn ($170m), with Scatec's engineering, procurement and construction (EPC) contracts comprising 83% of this investment. The financing structure includes R2.7bn ($154m) in non-recourse project debt, arranged by the Standard Bank of South Africa, and equity contributi
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