Oslo/Bogotá, 01 September 2025: Scatec ASA, a leading renewable energy solutions provider, has signed a 15-year Power Purchase Agreement (PPA) with BTG Pactual Comercializadora de Energía, a Colombian energy trading subsidiary of Banco BTG Pactual S.A. Brazil (BTG). The PPA will cover approximately 85% of the estimated production from a 130 MW solar plant, with the remaining production to be sold in the Colombian electricity market. The PPA will be denominated in Colombian Pesos and inflation adjusted based on Colombia's Producer Price Index.
With this award, Scatec will advance its first project in Colombia. The project will be located in Nariño, just over 100 kilometres west of Bogotá. Colombia has attractive market fundamentals, offering high irradiation, strong demand for renewables and a supportive regulatory environment. Colombia is expected to add more than 5 GW of solar capacity over the next five years.
"This agreement marks an important step for Scatec as we enter the Colombian market with a commercially robust project. Colombia offers a solid framework for renewable energy investments, and we are pleased to contribute to the country's energy transition through our integrated business model," says Scatec CEO Terje Pilskog.
The estimated total capital expenditure (capex) for the solar plant is USD 110 million, and Scatec will be the designated Engineering, Procurement and Construction (EPC) provider with an EPC scope of approximately 80% of capex. Scatec will further provide Operations & Maintenance (O&M) and Asset Management (AM) services for the plant.
The project will be financed by non-recourse financing and equity, with Scatec retaining majority ownership and Norfund joining as minority equity partner. Scatec is in advanced negotiations with selected financial institutions for non-recourse project financing, with a targeted leverage of 65%. Financial close and construction start is expected in 2025.
For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP IR
andreas.austrell@scatec.com
+47 974 38 686
For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com
+47 468 44 959
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to growing our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of 'Improving our Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more, visit www.scatec.com or connect with us on LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
