Scatec reaches financial close and prepares for construction start for battery energy storage project in South Africa [Yahoo! Finance]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: Yahoo! Finance
Mogobe BESS was awarded a 15-year power purchase agreement (PPA) under the first bid window of the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) in South Africa. As part of the PPA, Scatec will receive payments for making the storage capacity available for the National Transmission Company of South Africa (NTCSA) which will utilise the capacity to balance the grid. The estimated total capex for the battery energy storage project is ZAR 3.0 billion (USD 170 million) of which Scatec's EPC contracts account for approximately 83%. The project will be financed by ZAR 2.7 billion (USD 154 million) of non-recourse project debt, with the Standard Bank of South Africa as mandated lead arranger, and the remaining by equity from the owners. Scatec will own 51% of the equity in the project with Perpetua Mogobe (RF) (Pty) Ltd owning 46.5% and a holding company of the Mogobe Local Community Trust 2.5%. Scatec will be the engineering, procurement, and constr
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