HomeInvestment & Trading ›Scatec’s Release Ties Up with Climate Fund Managers, Procures USD 102 Million to Expedite Renewable Energy Solutions

Scatec’s Release Ties Up with Climate Fund Managers, Procures USD 102 Million to Expedite Renewable Energy Solutions

Release was established by Scatec in 2019 to provide a flexible leasing solution of pre-assembled and modular solar and battery equipment for the mining and utilities market.

July 20, 2023. By Nivedita Ojha

Release by Scatec inked an agreement to procure USD 102 million in financing from Climate Fund Managers (CFM) to advance and expedite its growth ambitions.

Release was established by Scatec in 2019 to provide a flexible leasing solution of pre-assembled and modular solar and battery equipment for the mining and utilities market.

Scatec CEO, Terje Pilskog, who is also the Chair of Release, said, “We are very excited to have Climate Fund Managers join us as a partner to accelerate the significant growth potential of the Release platform. Scatec is establishing a strong partnership and has raised external financing through a value accretive transaction to fund Release’s growth ambitions. Release is offering a unique renewable energy solution in a rapidly growing market segment that requires a different business model than Scatec’s larger scale project business.”

The Release is experiencing a good grip in the market, especially towards African utilities.

It has projects in operation and under construction in Cameroon, South-Africa, Mexico, and South-Sudan with an overall potential of 47 MW solar PV and 20 MWh of battery storage and has more contracts for 35 MW solar PV and 20 MWh of storage in Chad, additionally to ripening its advanced pipeline.

Release intends to replicate its fast deployment model to refer to shortfalls in local grid power supplies across the region.

After the closing of the transaction, Release will amount to a joint venture outlay in the group accounts of Scatec, which will create an accounting gain of around USD 40 million in the consolidated financials at closing.
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