Author: kine

Oslo/Washington DC, 16 October 2025:

Release by Scatec has secured new lease agreements for a total of 64 MW of solar power and 10 MWh of battery energy storage systems (BESS) across projects in Liberia and Sierra Leone. This milestone represents a major step forward in expanding the company’s renewable energy portfolio and underlines its ongoing dedication to providing turnkey “lease-to-own” technical and financial solutions to utilities throughout Sub-Saharan Africa, leveraging Release’s flexible modular platform.

These two projects are embedded in the national strategies unrolled by the governments of Sierra Leone and Liberia.

In Liberia, Release has entered into a 15-year lease agreement with the state-owned Liberia Electricity Corporation (LEC) for the development of a 23.75 MWp solar PV plant combined with a 10 MWh battery energy storage system (BESS) in Duazon, near Monrovia. This additional capacity represents an increase of the Monrovia grid’s installed electricity generation by 20%. The facility is projected to generate 35,000 MWh annually offsetting high-cost thermal generation during the dry season when output from the Mont Coffee hydro plant declines. The project is also expected to deliver approximately 20,000 tonnes of CO₂ savings per year, enhance local grid reliability, and meet the increasing energy demand driven by rapid development in the Duazon area.

Release also secured a 40 MWp solar project in Sierra Leone through a lease agreement with the national utility Electricity Generation and Transmission Company (EGTC) and the Ministry of Energy. The project will be connected to the existing Transco CLSG substation located in Kamakwie, enabling integration with the regional transmission network. This project represents a significant expansion of national generation capacity, with the plant expected to generate about 70,000 MWh annually. By complementing the country’s existing hydroelectric resource, the project strengthens the country’s energy mix and is expected to generate an annual CO₂ savings of around 47,000 tonnes.

“These agreements represent a major step forward in our mission to accelerate the green energy transition in Sub-Saharan Africa by facilitating access to reliable, clean and affordable energy derived from local renewable resources” says Hans Olav Kvalvaag, CEO at Release. “This achievement reflects the strong collaboration with our clients and the invaluable support from the governments of Liberia and Sierra Leone.”

These two projects will be the first projects where Release will use its newly introduced solar panel mounting structure designed by its engineering team in South Africa, representing a milestone for the company and marking a start to a new way of delivering its projects. Read more about the solution here: Release introduces proprietary design for mounting solar panels

The projects receive support from the World Bank’s IFC through a USD 100 million loan and a USD 65 million guarantee facility, established in 2023 – securing payment obligations from Release’s clients. This partnership enables Release to offer affordable, clean power to African utilities with reduced financial risk, simplifying renewable energy adoption.

Release is owned by Scatec (68%) and Climate Fund Managers (CFM) (32%) via its EU-supported Climate Investor One Fund, a USD 1 billion blended finance facility focused on renewable energy infrastructure in emerging markets.

Release by Scatec has developed and launched a new solar panel mounting structure designed by its engineering team in South Africa. While the structure is deliberately simple, this simplicity is its strength. The design has been created to directly support the Release business model, offering a cost-efficient, flexible, and sustainable approach to implementing solar and battery projects in Sub Sahara Africa based on a “lease-to-own” structure. Standardized for use across projects, the design is simple to produce and quick to install without requirement for heavy machinery or specialized labour. It adapts easily to different site conditions and layouts, accommodates various solar panel types, and can be removed if a lease is terminated. By promoting the use of local labour, requiring minimal site preparation, and limiting environmental impact, the structure reflects Release’s focus on sustainable and scalable solutions.

“This innovation underscores Scatec’s commitment to innovation and to being a driving force in Africa’s solar industry,” said Alberto Gambacorta, Scatec’s EVP and General Manager for Sub-Saharan Africa. “By combining simplicity with efficiency, we are not only reducing cost and accelerating deployment timelines for increasing access to clean electricity but also supporting local employment and creating opportunities for local businesses.”

“The new structure is a testament to the skill and dedication of our South African engineering team,” added Release Chief Engineer, Abri Stegman.  “They have delivered a design that is practical, robust, and tailored to the unique needs of our business model — a solution that will make a real difference in how we deliver projects.”

This milestone represents a significant contribution to Release’s growth strategy. Production of the structure will take place in South Africa for project opportunities in the local markets such as municipalities, farmers, and C&I customers, as well as for export across the African continent. The first projects to use the new structure will be in Liberia and Sierra Leone, marking the start of a broader rollout.

Release by Scatec is proud to announce the construction start for the second phase of its solar and battery energy storage system (BESS) projects in northern Cameroon. This milestone was marked by a first stone ceremony on 15 September, celebrating the expansion of our solar and battery plants in Maroua and Guider.

Building on the success of our initial installations, this extension will increase our total capacity to 64.4 MW of solar power and 38.2 MWh of battery storage. Once operational, the plants will generate 141.5 GWh of renewable energy annually, enough to power approximately 200,000 households and significantly reduce reliance on costly fuel-based energy.

Benjamin Lagadec, Project Manager

This project is made possible through our strong partnership with ENEO, Cameroon’s national utility, and the continued support of the Government of Cameroon. As Hans Olav Kvalvaag, CEO of Release, explains:

“Our partnership with ENEO demonstrates how public-private collaboration can accelerate affordable and reliable energy deployment through Release’s modular and pre-financed approach combined with ENEO’s determination.”

The two new solar and battery plants will help meet growing energy demand and improve electricity services for communities across northern Cameroon. This initiative supports the country’s broader energy strategy and underscores our commitment to delivering clean, reliable power where it’s needed most.

Together, we are laying the foundation for a brighter energy future – powered by the sun and built on strong collaboration.

Big Milestone for Clean Energy in Mining!

Release by Scatec has started the commissioning of the 8.4 MW PlenaSolar solar PV project for Torex Gold in Mexico – a game-changing step toward responsible mining.

“We’re not just cutting a ribbon – we’re launching a new era where solar becomes integral to mining operations. This project proves that reducing Scope 1 & 2 emissions is not just aspirational – it’s achievable, scalable, and replicable,” said Roberto Berardo, SVP Mining at Release by Scatec, during the inauguration on June 6.

✅ Designed, financed, and built by Release by Scatec
✅ Operating under a flexible 10-year leasing model
✅ Delivering clean, reliable power to Minera Media Luna
✅ A tangible path to decarbonisation – ready to be deployed globally

We thank Torex Gold Resources for their trust and vision in choosing Release as their partner in sustainability.

The first edition of the IFC Day in Congo gathered a large audience of the country’s key public and private stakeholders in Brazzaville to share insights, best practices and current trends in Congo, across various sectors.

🎤 Release by Scatec attended the event and had the honour of contributing to a panel discussion on the role of private actors in the development of the energy sector.

🔭 Our BDM Romain Keppenne shared Release’s vision of the energy transition on the African continent and detailed the advantages of our flexible leasing solar PV & BESS solution.

💧With just 2% of Congo’s 27,000 MW hydroelectric capacity utilised, the opportunity for transformative energy solutions is massive. However, hydroelectricity development takes time.

☀️ We believe that the Release solution can leverage solar energy and turn it into a fast and flexible transition solution relevant to accelerate the shift to renewables and diversify the energy mix in the short run.

Release by Scatec has been recognised with the Utility Scale Solar Project of the Year at AFSIA (Africa Solar Industry Association) Awards 2024, for the extension of the solar PV and battery storage projects in Cameroon.

In June, Release entered into two new lease agreements with the national electricity company ENEO in Cameroon, expanding its existing solar and battery storage power plants in the country to 64.4 MW of solar and 38.2 MWh of batteries.  

“This project stands as a testament to ENEO’s and Cameroon’s remarkable achievement in providing more affordable and reliable power to their people and businesses in the region. We are proud to support the continued expansion of this initiative, actively working to add more photovoltaic (PV) capacity and batteries to enhance its impact”, says Hans Olav Kvalvaag, Release CEO.

The existing solar PV and BESS projects in Cameroon have already delivered remarkable results, with significant savings in diesel costs while providing reliable, clean energy to North Cameroon.

The guarantee agreement enables the realisation of the 35 MW solar and 20 MWh battery project in N’djamena in Chad, a rental agreement between Release and Société Nationale d’Électricité du Tchad.

The USD 65 million guarantee facility in combination with the USD 100 million loan agreement announced last December, forms a larger partnership with IFC to provide a simpler, more affordable, and cleaner offering of power to African utilities. The partnership also strengthens risk mitigation for Release, allowing utilities to adopt renewable energy with less financial burden.

“Starting with Chad, we are excited that the partnership with the World Bank group is in place and operational. We are now ready to efficiently deliver much needed, affordable, and reliable power generation based on solar and batteries across Africa. This partnership enables us to standardise a legal, technical, and financial solution that gives comfort and credibility, while mitigating risk for all stakeholders” says Hans Olav Kvalvaag, CEO at Release.

This collaboration underscores Release’s active role in deploying renewable energy across Africa, solidifying its position as a catalyst for sustainable power and economic growth in the region.

10 June 2024, Cameroon/Norway: Release by Scatec has entered into two new lease agreements with the national electricity company ENEO in Cameroon, expanding its existing solar and battery storage power plants in the country to 64.4 MW of solar and 38.2 MWh of batteries.

Release completed the already existing solar plants in Maroua and Guider in Cameroon (35.8 MW solar and 19 MWh BESS) in September 2023, and is now adding 28.6 MW of solar and 19.2 MWh of battery storage.  The Maroua and Guider solar power plants are based on the innovative Release solution of movable panels and batteries, which are deployed under a simple and flexible leasing contract. Release has available funding for these projects based on the capital raise completed last year when Climate Fund Managers came in as equity investor with 32% ownership stake.

“This extension is a testimony to the success of the initial projects and to the benefits provided by our innovative offering. By increasing the installed capacity in the country, we are reaffirming our collaboration with ENEO and our commitment to Cameroon as a key market for our solutions,” says Hans Olav Kvalvaag, CEO at Release.

“In addition to improving electricity supply in Cameroon and significantly reducing the cost and CO2 emissions from alternative generation based on diesel supply, these pioneering leasing contracts with ENEO are serving as a model for access to affordable clean energy for other countries and large energy consumers in the region. We have the funding available to support significant growth and expect to close and start implementing several additional projects from our pipeline in the coming months,” adds Kvalvaag,

When the extensions of the projects are completed, Release’s projects in totality will supply energy to about 200,000 households in Cameroon, according to ENEO estimates, generating an annual production of about 141.5 GWh of electricity. In combination with the storage capacity the installation will ensure stable supply of electricity also during peak hours.

“ENEO Cameroon has renewed its trust in its partner Release by Scatec to double the capacity of the solar power plants in Guider and Maroua. This move will enable Eneo to further secure power generation in the Northern regions while also improving service quality for households and the industrial sector in these regions. This new step towards more reliable and carbon-free energy is part of Eneo’s strategy, which is central to its continued efforts, under the auspices of the Government of Cameroon, to sustainably improve on the power available in Cameroon,” according to Amine Homman Ludiye, CEO of ENEO Cameroon.

“Our successful partnership with Release by Scatec has greatly benefited the local population in northern Cameroon by eliminating blackouts. This new project will further reduce our dependency on diesel and save the government millions of dollars in fuel costs,” says H.E. Gaston Eloundou Essomba, Minister of Water and Energy, Republic of Cameroon.

The projects were originally developed in partnership with Izuba Energy and Sphinx Energy.

Contact:
Hans Olav Kvalvaag, CEO Release, tel: +47 90 17 13 18, hans.olav.kvalvaag@scatec.com

About Release
Designed to overcome financial and technical barriers associated with adopting solar energy, Release is a flexible leasing agreement of pre-assembled solar PV and battery equipment to deliver a low cost, clean, and reliable power solution. Release is owned by Scatec ASA (68%) and Climate Investor One (32%), an impact investment fund managed by Climate Fund Managers.

13 December 2023: Release by Scatec (Release), has signed a USD 100 million loan agreement with the World Bank’s International Finance Corporation (IFC). The loan agreement is part of a larger partnership to provide a simpler, more affordable, and cleaner offering of power to African utilities, which also includes a USD 65 million guarantee facility to support the payment obligations of Release’s customers.  The objective is to replace costly diesel and expand electrification in the region.

Release operates on a unique leasing model, providing flexible short- or long-term contracts for the mining and utilities market, primarily in Africa, based on modular, movable and redeployable equipment.

IFC is the largest global development institution renowned for its instrumental role in supporting private sector development, and the loan from IFC will provide funding on a portfolio level for Release’s further development and installation of assets to be leased to African utilities.

The purpose of the guarantee facility is to guarantee payments to Release from the counterparties leasing the solar and battery equipment. The structure provides risk mitigation for Release while allowing African utilities and governments to secure affordable renewable energy from solar and batteries, without the financial commitment required for the conventional infrastructure projects. The partnership with IFC will thereby represent a significant catalyst for further growth of the Release platform.

The first project where the combined project loan and guarantee structure will be applied is for a 35 MW solar and 20 MWh battery project in N’djamena in Chad, where a lease contract has already been signed. Release’s existing and operating projects in Northern Cameroon of 36 MW of solar PV and 20 MWh of batteries will also form part of the portfolio financing and discussions on extending the capacity of these projects are currently ongoing with the utility.

“This highly innovative solution enables countries to deploy solar power projects quickly, allowing African countries to swiftly ramp up to meet rising energy demand with clean power solutions,” said Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure and Natural Resources, Africa. “Our ambition is to deploy this replicable solution, in partnership with Release in multiple countries across sub-Saharan Africa within a short timeframe, allowing more people to benefit from the economic growth that comes with reliable, affordable access to electricity.”

“I am delighted that, through this partnership between Scatec and IFC, Chad has been chosen as the first country to benefit from a solar power plant to support the government’s efforts to meet the energy access needs of our populations,” said Alixe Naïmbaye, Minister of Hydrocarbons and Energy of Chad.  “In addition, the liquidity guarantee facility granted by the World Bank to Société Nationale d’Electricité underlines the strong commitment of the World Bank Group to facilitating partnerships with private investors.”

“We are excited to secure the partnership with IFC for our innovative solar leasing solution Release. IFC’s support is testimony to the solid business model of Release, the general demand and need for such an innovative solution in the market and our proven track record in developing renewable energy solutions,” says Scatec CEO, Terje Pilskog, who is also Chair of Release.

“The innovative approach of Release follows a dynamic rolling delivery model of build, connect, and deliver. Looking ahead, Release is actively exploring additional opportunities in Cameroon, Liberia, and the rest of West- and Central-Africa, reinforcing its commitment to advancing renewable energy solutions across the African continent and other select markets,” says Release CEO Hans Olav Kvalvaag.

This significant step comes after Release recently raised USD 102 million in funding from Climate Investor One, a fund managed by Climate Fund Managers, a leading climate-centric blended finance fund manager backed by FMO, the Dutch Development Bank, and Sanlam Infraworks, part of the Sanlam Group of South Africa.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP Investor Relations, tel: +47 974 38 686, andreas.austrell@scatec.com
For media: Meera Bhatia, SVP Communications & Government Affairs, tel: +47 468 449 59, meera.bhatia@scatec.com

For images, please see Release image gallery

27 October 2023, Oslo: Release by Scatec (“Release”) today closed the previously announced USD 102 million (NOK 1.1 billion) transaction with Climate Fund Managers (“CFM”). The funds will be used to further accelerate its growth ambitions as a separate platform. Release was established by Scatec ASA (“Scatec”) in 2019 to offer a flexible and mobile leasing solution of pre-assembled and modular solar and battery equipment for the mining and utilities market.

CFM is a leading climate-centric blended finance fund manager backed by FMO, the Dutch Development Bank, and Sanlam Infraworks, part of the Sanlam Group of South Africa. The company invested in Release via its Climate Investor One (CIO) fund; a blended finance vehicle focused on renewable energy infrastructure in emerging markets. As previously communicated, CFM will contribute USD 55 million in equity for a 32% stake in Release. Scatec will retain the majority shareholding of 68%. CFM will also provide shareholder loans totalling USD 47 million, part of which will be on concessional terms.

“We welcome Climate Fund Managers as a strategic partner to fuel the solid growth journey of the Release platform. With this collaboration, we are not only raising funds; we are sharing the future of renewable energy solutions. Release is offering a unique solution in a rapidly growing market segment that requires a different business model than Scatec’s larger scale project business,” says Scatec CEO, Terje Pilskog, who is also the Chair of Release.  “We are excited to reach this key strategic milestone for Release. It is testimony to Release’s unique business model and Scatec’s ability to attract top climate-oriented fund managers on a mission to invest in value accretive projects in emerging economies.”

Release represents Scatec’s innovative approach to distributed generation solar PV and Battery Energy Storage Systems (BESS) for projects beginning from 5MWp blocks, matching a need for delivering simple and on-demand renewable energy solutions. This modular solution comprises pre-assembled and containerised movable trackers and storage units. The equipment is pre-funded and deployed through a straightforward and adaptable leasing agreement, lasting at least 5 years and up to 15 years, akin to leasing a car. The mobility of the equipment enables Release to assess its useful lifespan, enabling the company to provide cost-effective short-term contracts, even for 5-year leases. This flexibility ensures competitive pricing while maintaining high-quality service and technology.

Release is experiencing good traction in the market, particularly towards African utilities. It has projects in operation and under construction in Cameroon, South-Africa, Mexico, and South-Sudan with a total capacity of 47 MW solar PV and 20 MWh of battery storage and has additional contracts for 35 MW solar PV and 20 MWh of storage in Chad, in addition to maturing its advanced pipeline. Release intends to replicate its rapid deployment model to address shortfalls in local grid power supplies throughout the region.

“Our blended finance model facilitated the integration of impact finance into the deal structure, which Release will be able to leverage to improve its cost structure for its battery and grid connection solutions, allowing Release to offer even more competitive pricing and better value to its clients. We are delighted to support the Release team as they roll-out their critical climate technology across Africa, helping significantly reduce the emissions of the mining and utility sectors,” says Climate Fund Manager’s Darron Johnson, Head of Africa Investments

Release will now be accounted for as a joint venture investment in the group accounts of Scatec, generating an accounting gain of approximately USD 40 million in the consolidated financials at closing. There will be no impact on the proportionate financials from the transaction.

Rand Merchant Bank (“RMB”), a division of First Rand Bank Limited, acted as the sole financial advisor to Scatec on the transaction.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP Investor Relations, tel: +47 974 38 686, andreas.austrell@scatec.com

For media: Meera Bhatia, SVP Communications & Government Affairs, tel: +47 468 449 59, meera.bhatia@scatec.com