Flexible solar leasing solution “Release by Scatec” closes USD 102 million capital financing round
Summary
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. 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. It is testimony to Releases unique business model and Scatecs ability to attract top climate-oriented fund managers on a mission to invest in value accretive projects in emerging economies.Release represents Scatecs 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. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of Improving our Future.