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Oslo/Washington DC, 16 October 2025: Release by Scatec, majority owned by Scatec ASA has signed new lease agreements totalling 64 MW of solar power and 10 MWh of battery storage across Liberia and Sierra Leone.

“These agreements mark a significant step in strengthening our renewable energy presence and delivering flexible, modular “lease-to-own” solutions to utilities in Sub-Saharan Africa. The projects are designed to replace expensive fossil fuel generation, improve grid reliability, and support local economic development,” says Scatec CEO and Chairman of Release, Terje Pilskog.

Release receives support from the World Bank’s IFC through a USD 100 million loan and a USD 65 million guarantee facility, established in 2023, securing payment obligations from Release’s clients. This partnership enables Release to offer affordable, clean power to African utilities with reduced financial risk, simplifying renewable energy adoption.

In Liberia, Release has entered into a 15-year lease agreement with the state-owned Liberia Electricity Corporation (LEC) for the development of a 24 MW solar plant combined with a 10 MWh battery energy storage system (BESS) in Duazon, near Monrovia. Release also secured a 40 MW solar project in Sierra Leone through a lease agreement with the national utility EGTC and the Ministry of Energy.

These two projects will be the first projects where Release will use its newly introduced solar panel mounting structure designed by its engineering team in South Africa, representing a milestone for the company and marking a start to a new way of delivering its projects.

Release is owned by Scatec (68%) and Climate Fund Managers (CFM) (32%) via its EU-supported Climate Investor One Fund, a USD 1 billion blended finance facility focused on renewable energy infrastructure in emerging markets.

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.

About Release
Designed to overcome financial and technical barriers associated with adopting solar energy, Release is a flexible leasing agreement of pre-assembled solar PV and battery equipment to deliver a low cost, clean, and reliable power solution. About Release – Release by Scatec

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

OceanGate’s Titan submersible imploded on its journey to the wreck of the Titantic because of poor engineering and multiple failures to test the vessel, according to an official report.

Titan imploded in June 2023, killing all five passengers on board including OceanGate’s chief executive.

The US National Transportation Safety Board (NTSB) found the engineering process behind the vehicle was “inadequate”, resulting in faults which meant it failed to meet strength and durability requirements.

The NTSB said because the firm did not adequately test Titan it did not know its actual strength. It was also unaware it was damaged and should have been removed from service before its last voyage.

Titan disappeared in the North Atlantic as it attempted to dive to the wreck of Titanic which lies some 372 miles from St. John’s in Newfoundland and Labrador in Canada.

In August, the US Coast Guard released a damning report into the implosion which found that the incident was “preventable” and criticised OceanGate’s “critically flawed” safety practices.

Stockton Rush, OceanGate’s chief executive, operated the Titan on its final journey.

The passengers, who paid $25,000 each to take part in the dive, deep-sea explorer Paul-Henri Nargeolet, Shahzada Dawood and his 19-year-old son Suleman Dawood and Hamish Harding.