Standard Chartered acts as sole financial adviser to Scatec for the sale of its African hydropower assets to TotalEnergies
on February 28, 2025Sale of 51% stake in 800+ megawatt platform supports continuity of hydropower activities in the region
28 February 2025, London – Standard Chartered is pleased to announce its role as sole financial adviser for the sale of Scatec ASA’s 51 percent stake in an African hydropower joint venture with Norfund and British International Investment, to TotalEnergies Renewables SAS.
The transaction closed today at an agreed sales price of USD167 million, based on a valuation date of 31 December 2023. The net proceeds from the transaction are estimated at USD161 million, adjusted for cash movements between the valuation date and the closing date.
The platform includes Scatec’s interest in key assets that are critical to the region’s growing energy needs, including the 255 megawatt Bujagali hydropower plant in Uganda and a development portfolio consisting of the 361 megawatt Mpatamanga hydropower project in Malawi and the 206 megawatt Ruzizi III hydropower project to be developed in Rwanda.
“We were delighted to execute this complex cross-border transaction for Scatec, leveraging our ability to connect clients to power and infrastructure opportunities across a global network of high-growth markets,” said Henrik Raber, Global Head, Global Banking at Standard Chartered. “At the same time, we are pleased to contribute to strengthening the region’s renewable energy infrastructure and support the clean energy transition.”
“This transaction is a prime example of how we can leverage our franchise and unique geographic footprint to connect Nordic and European investors with high-impact renewable energy opportunities. We look forward to growing our relationship with Scatec further as we continue to support them to achieve their strategic goals,” added Sverre Hana, CEO and Head of Banking & Coverage, Nordics at Standard Chartered.
“We value Standard Chartered’s expertise and cross-border co-ordination to enable the successful completion of this transaction, which allows us to focus on our core markets and on solar, wind and battery energy storage,” said Hans Jakob Hegge, CFO of Scatec ASA.
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For further information please contact:
Mark Roberts
Executive Director, Corporate Affairs, Brand and Marketing, Europe & Americas
Standard Chartered
+44 (0)7788654564
mark.roberts@sc.com
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About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 5 GW in operation and under construction across five continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on LinkedIn.