Scatec has closed the divestment of its 54% equity stake in the 8.5 MW solar power plant in Rwanda to Fortis Green Fund I Rwanda Holdings Ltd (Fortis) and Axian Energy Green Ltd (Axian) for USD 1.38 million. This announcement follows the notice provided to the market in the fourth quarter of 2023.

“We continue to deliver on our strategy to consolidate our portfolio through divestment of assets in non-core markets, and recycling capital into new investments in renewable energy. We are very satisfied with the closing and would like to thank the teams in Scatec, Fortis, Axian and other parties involved for a successful transaction. We are confident that the new owners will take good care of the solar power plant and continue to deliver clean renewable energy to the Republic of Rwanda for many years to come,” says Scatec CEO Terje Pilskog.

Scatec has also exited from the operations, maintenance, and asset management agreements for the power plant and has officially discontinued all operations in Rwanda.

KeyFacts Energy Industry Directory: Scatec