Scatec's Release secures major solar and battery leases in Africa

Release by Scatec, majority-owned by Scatec ASA, announced new lease agreements in Liberia and Sierra Leone, totaling 64 MW of solar power and 10 MWh of battery storage. These projects will replace expensive fossil fuel generation, improve grid reliability, and support local economic development through "lease-to-own" solutions.

In Liberia, Release signed a 15-year lease with the Liberia Electricity Corporation (LEC) for a 24 MW solar plant and a 10 MWh battery energy storage system in Duazon. A 40 MW solar project was also secured in Sierra Leone via a lease agreement with national utility EGTC and the Ministry of Energy. These are the first projects to use Release's new solar panel mounting structure, designed by its South African engineering team.

Release benefits from a $100 million loan and a $65 million guarantee facility established in 2023 by the World Bank's IFC, which secures payment obligations from its clients. This financial backing, alongside ownership by Scatec (68%) and Climate Fund Managers (32%) through its Climate Investor One Fund, allows Release to offer affordable, clean power to African utilities with reduced financial risk.