Scatec Solar closes sale of 104 MW (DC) Utah Red Hills solar power plant to MIC Renewable Energy

Sale generated gross cash proceeds to Scatec Solar of USD 28 million

Scatec Solar has closed the sale of 100% of the sponsor equity in the 104 MW Utah Red Hills solar power plant to MIC Renewable Energy Holdings. The sale generated gross cash proceeds to Scatec of USD 28 million (NOK 245 million). The consolidated book value of Scatec’s sponsor equity in the project company is USD 21 million (NOK 183 million).

After this transaction, Scatec Solar holds 322 MW of large scale solar plants in operation. The company has a backlog of projects with secured long-term off-take agreements of 731 MW across a number of regions in addition to a project pipeline of about 1,100 MW.