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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.

Graduated as a Chemical Engineer but pushing boundaries at Release as a Business Developer, Emile Nauta shares the journey that led him to Release (Renewable Energy Leasing).

Growing up Emile knew the path he wanted to take and that was being a qualified Engineer. “Studying Chemical Engineering was all I had considered in high school, and it’s not the kind of field that parents tend to question very hard,” says Emile.

After completing his university studies, Emile realised that he did not want to pursue a career in engineering but would prefer to grow his expertise on the business side as a Developer. His pivot came just at the right time where the renewable energy industry was picking up in South Africa. “The Scatec name was held in very high regard by my peers in the renewables space – I jumped at the opportunity to join the team,” he says.

Emile joined Scatec back in 2019 as a Graduate in the Business Development space. This was the year Scatec launched their first-ever Graduate Programme and coincided with the inception of the Release concept.

After successful completion of the Graduate Programme, he formally took up a position as a Release Business Developer focused on mining and C&I. Emile shared that for him it wasn’t necessarily the industry that drew him to his role, “I will be honest, at the time I joined Scatec, I didn’t fully trust renewables. It was only after a year of working in the sector that I came to understand the obvious perks of having cheap and quickly deployable solar PV in one’s energy mix,” he said.

When he is not sourcing leads and developing projects, you will find Emile outdoors focused on his flowers. “I enjoy cultivating things.” Emile grows peonies, and when they are in season, makes sure to bring some arrangements to pretty up the Scatec offices.

When asked about what drives him about his line of work and Release in general, Emile answered that it’s mainly the socioeconomic impact of electrifying rural communities, as well as the millions of dollars that mines save with such a simple, elegant, and risk-free solution. “Deploying our Release solution just frees up capital all-round.”

The work that Release has done in Cameroon is Emile’s biggest highlight at Release, “Seeing the impact that solar power plants and battery storage had on the people since they were installed was phenomenal to witness.” A year after the installation of the two 19MW PV + 10MWh BESS plants, a local news publication shared that the region where the plants are installed hadn’t experienced any more power outages post installation.

Release takes CAPEX-intensive solar PV and battery storage and offers them on a flexible lease basis. We push CAPEX to OPEX without the guarantee requirements that come with a long-term PPA. The Release concept combines EPC with continuous power plant supervision under a flexible, modular, and scalable leasing agreement. Release PV and BESS units are pre-assembled and standardized for easy site installation & commissioning. We guarantee performance over the project life.  Emile emphasized, “It’s not only an attractive solution: for most mines in Africa, ours is the only solution that does not require years of development and reaching financial close.”

Hailing from the Western Cape, South Africa, Francois Du Plessis, Business Controlling Manager at Release by Scatec, takes us through his career journey.

Growing up, Francois has always had a knack for travelling, it is something that he was exposed to from a young age – from travelling locally in his home country or travelling abroad.

His passion for travelling summed up his decision to pursue his studies in Accounting.

The role of being an Accountant comes with a lot of flexibility with being able to work anywhere in the world. Today, Francois is a certified Chattered Accountant, CA(SA). Upon finishing his articles, globetrotting then began for Francois as he packed his bags and relocated to the Netherlands.

“What people may not know is that Accounting is a very broad field, you are presented with a lot of exciting opportunities and projects in your line of work,” he adds. Francois openly shared that in his line of work he interacts with people a lot, “I don’t have the typical Accountant job where I am couped up in an office crunching numbers all day,” he says.

Francois had been previously working for an organisation that was advocating for sustainable practices, around the time when conversations around The Paris Agreement were gradually picking up.

When the opportunity at Release presented itself, Francois found the decision easy. The company’s concept of delivering renewable energy in a simple way greatly appealed to him, especially considering the positive impact on the markets Release targets.

One of his reflections was that coming into the business he did not realise the magnitude of the work that Release does until he had conversations with people that had families based in the North. “We often get lost in our day-today tasks and focus on getting things done that we hardly ever take a step back admire the work that we do and the impact that it has on people,” he shares.

The solution that Release presents is a true testament to changing people’s lives in communities that had previously been subjected to unstable power supply.

Francois shared that Release is still a young company and it gives you the exposure that one needs for one’s personal and career advancement because there is always something that needs to get done. “Release gives you that space to add value and if you add value, you also feel valued,” Francois shares.

In closing, Francois shared his admiration for the leadership team at Release for being able to hit the ground running with getting projects in the pipeline and running. Giving a special mention to his manager, “we have a great working relationship, I prefer referring to him as my coach as opposed to mentor– he lets me figure things out on my own instead of spoon feeding me. It shows the belief he has in me.”

14 June 2024: Studying Law was not necessarily her first career choice but today she is the General Counsel for a renewable energy company. Growing up, Clémentine had always seen herself being an Engineer, whilst life had other plans studying Law seemed like the fitting choice. “I chose to study Law because it is quite comparable and it’s logical reasoning,” says Clémentine.

Her passion for travel and learning about different cultures made her aware of early discrepancies around the world, which brought her to projects and then renewables. “To refresh my mind after studies travelling was my go-to activity, it still is, with my family. Travelling the world and discovering new cultures is an eye-opening experience. From an early age this made me aware that access to energy is key for economic development,” she adds.

For Clémentine, moving into the renewable energy industry was written in the stars as she had been exposed to the industry in every step of her journey. From the time she kickstarted her career at a law firm – she chose one specialising in renewables – that is when she got a glimpse of what life at a renewable energy company would be like. She then transitioned into banking to finance renewable projects.

Three years ago, Clémentine took a leap of faith and moved to Norway to advance her career, starting as Senior Legal Counsel at Scatec. This marked the beginning of her journey at Release, where she eventually became General Counsel.

It was definitely no coincidence that she was going to end up working in the renewable energy sector.

The transition to the renewable energy industry was not a difficult decision for her to make, “I am an early believer in renewables so applying to Scatec was a natural fit for me because I had heard of the great things Scatec is doing in is markets mainly in Africa and I had previously got a glimpse of what working in the industry would look like,” she says.

Today, Clémentine wears many hats in her role but takes on the responsibility of ensuring consistency in Release’s contract policy and alignment with Scatec’s, abidance to Release’s governance rules and helping smooth coordination among the various functions across the company as the Legal department has the broad overview of the company’s activities and their respective calendar.

“The traditional IPP model doesn’t work for all the markets, now Release brings a technology solution that allows you to rent solar and energy storage power without the need for large capital investments and the long-term commitments,” says the General Counsel.

Clémentine added that Release has a start-up feel to it, which means that there is close collaboration among teams, giving you the opportunity to sink your teeth into the different happenings within the organisation.

Clémentine considers herself as being fortunate for working with people who are passionate about the work that they do and share a common vision in creating a sustainable future for all.  Release may be a small team – spread across 4 different locations around the world, but there is so much diversity within the team. The team building held in the beginning of the year in Cape Town, South Africa was a true testament of the cultural diversity.

She says that she hopes to see steady growth for Release in the coming years and it brings numerous growth opportunities for those within the company and to see new, enthusiastic talent coming in.