Home / Brands & Marketing / Rand Merchant Bank (“RMB”) advises Scatec on fundraising for the roll-out of innovative solar solutions across Africa, Release Solar

Rand Merchant Bank (“RMB”) advises Scatec on fundraising for the roll-out of innovative solar solutions across Africa, Release Solar

Rand Merchant Bank (“RMB”) is proud to be the sole financial advisor to Scatec ASA (“Scatec”), a leading global renewable energy provider, on a US$102 million investment from Climate Fund Managers (“CFM”) in Release by Scatec (“Release”). Release provides an innovative containerized solar and battery solution to address the rapidly growing energy demand and local power challenges across Africa.
Scatec established Release in 2019 with the aim of offering a creative solar alternative to challenge the traditional approach to providing power in emerging markets. Release offers flexible leasing agreements for pre-assembled modular solar PV and battery equipment. The funding from this transaction will be used to scale its operations and provide power to utilities and mining companies across Africa, reducing energy costs, strengthening energy security, and helping decarbonize the environment by replacing traditional diesel and heavy fuel oil-fired generation solutions.
CFM is a leading climate-centric blended finance fund manager. It designs and deploys cutting-edge climate finance funds at scale and at pace, working in partnership to co-develop, construct and own sustainable infrastructure solutions that deliver low-emission, climate-resilient growth. Established in 2015, CFM is a joint venture between the Dutch development bank, FMO, and Sanlam Infra Works, part of the Sanlam Group of South Africa. The firm invests across Africa, Asia, and Latin America and is headquartered in The Netherlands.
“ 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 value accretive transactions 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,” says Scatec CEO, Terje Pilskog, who is also the chair of Release.
“We are excited to have a partner as strong as CFM on board and one who shares our view of the potential and aspirations for our business concept. The new shareholder funding will be supplemented by Release through additional debt and guarantee facilities that are currently in advanced negotiations. This gives us the financial foundation we need to meet the strong demand for our flexible leasing model, for easily deployable renewable power plants,” says Release CEO, Hans Olav Kvalvaag.
“It is increasingly clear that closing Africa’s energy gap will require innovative solutions that disrupt the standard approach to the provision of power. Release’s unique offering will contribute positively to Africa’s future energy mix by rapidly deploying power to remote areas where the only other viable energy alternative is diesel and heavy fuel oil. At RMB, we remain committed to playing our part in Africa’s energy transition, by supporting companies unlocking positive social and environmental outcomes. In this light we are incredibly proud to have advised Scatec on this landmark transaction.” said Liz Williamson, Head of Energy Corporate Finance at RMB.
“As one of the leading renewable energy providers in Africa, Scatec is a key client for RMB. We are therefore extremely proud to have advised Scatec on the capital raise for its Release business. The offering from Release is unique in Africa, providing modularized off-grid solutions for corporate and utility customers. This successful capital raise from Climate Fund Managers, a key investor in the green economy globally, will catapult both Release and its critical offering across the continent, as Africa looks to accelerate its transition to renewable energy.” said Daniel Zinman, Head of Power, Infrastructure Sector Solutions at RMB.

 

About Gladys Johnson

Gladys Johnson The Publisher/Editor-In-Chief Global Business Drive Phone: +13465619347 Email: info@globalbusinessdrive.com gladysjohnsonmedia@gmail.com gladys@globalbusinessdrive.com globalbusinessdrive@gmail.com

Check Also

Access Bank Targets Top 20 Position in UK, $1bn Profit by 2027

Access Bank, sub-Saharan Africa’s largest bank by customer base, has shared insights about ambitious plans …

Leave a Reply

Your email address will not be published. Required fields are marked *

pub-5127930111112337, DIRECT, f08c47fec0942fa0