Eps 1: Uranium investments Vs. Scatec Solar
Oslo, 19 May 2020 - Reference is made to the stock exchange announcement published by Scatec Solar ASA ("SSO" or the "Company", ticker code "SSO") on 18 May 2020, concerning the contemplated private placement of new shares in the Company (the "Private Placement").
The board of directors has carefully considered such deviation and has resolved that the Private Placement is in the best interests of the Company and its shareholders.
Settlement of the Private Placement Shares towards investors will be made on a delivery versus payment basis on 22 May 2020 (T+2 settlement), by delivery of existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to a share lending agreement between the Joint Bookrunners, the Company and Scatec AS.
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Brookfield is also expanding its liquidity position, as turbulence in financial markets could create investment opportunities for well-financed companies. The new capacity of the renewable energy project confirms that Ukraine is an attractive market offering opportunities to investors looking for a return on investment. Ukrainian legislation has indeed secured the right to produce electricity at a lower cost than other countries in the region, such as China and India.
The landscape is secure for investors and energy experts when the current issue of reducing green electricity tariffs will end, which will be soon. You can also receive our e-mails to receive the latest information on new projects and investment opportunities in the energy sector.
The transition is being supported by the European Bank for Reconstruction and Development, which has provided loans to several renewable energy projects in the country.
In 2011, Sivashenergoprom LLC signed an agreement with the government to allow wind farms in exchange for an increase in the feed-in tariff - in the form of remuneration for solar installations. The bill, which was voted on in April, was introduced by the Committee on Energy and Natural Resources of the National Assembly of Cambodia (NAB). The text also provides that feed-in tariffs for wind farms will fall by 10% by 2020.
In September 2018, the Ukrainian parliament passed a simplified bill for the construction of solar power plants in the country. Norwegian NBT opened an office in Kiev to support the development of renewable energy projects in Ukraine and other countries.
The new law aims to facilitate the activities of energy companies and investors in building new generation capacity. The green tariff was introduced in 2009 and has been one of the highest in the world, making it the second highest tariff in Ukraine after the European Union (EU).
The feed-in tariff has been granted and must run until 1 January 2030, but must run until the end of the year. Ukraine is committed to integrating its energy sector, in particular in the field of renewable energy and energy efficiency, and aims to increase Ukraine's energy independence. The new law aims to ensure the development of new generation capacities in Ukraine and the integration of energy generation and distribution.
In addition, the Interfax news agency revealed that Norsk Solar has signed an agreement with Pro Energy LLC, which is owned and managed by Ruslan Delidon. Finally, TIU Canada Ltd. acquired a 50% stake in the second largest Ukrainian solar company SCATEC Solar last January.
The Norwegian company Scatec Solar has 77 MW of solar energy under construction and has developed projects in Ukraine with a total capacity of 163 MW. It is building a 30 MW solar park in the city of Kherson, the second largest city in Ukraine with 1.5 million inhabitants.
Ukraine's energy strategy for 2035, adopted in 2017, stipulates that the country must reach a renewable energy target of 10% of its energy consumption by 2030. This will be a significant share of renewable energy for Ukraine, a country that now has only a small share of the global solar energy market and does not have a significant share of renewable energy like Norway, but will still be the second largest country in Europe in terms of solar energy after Norway.
More than 50 Norwegian companies are already working in Ukraine in the renewable energy sector, including solar, wind, hydro, geothermal, biomass and hydropower, as well as wind and solar energy.
Renewable energy developers eyeing Saudi Arabia remain wary of the market after last year's decision to wind down the world's largest solar project. The main concern, however, is that the mega-projects appear to have been authorised under a managed tendering programme and not through a public tender. SoftBank's Saudi Public Investment Fund, which plans to invest $1.5 billion in the country's renewable energy sector, has sparked skepticism after announcing plans to integrate solar, wind, hydro, geothermal, biomass, hydro, and hydro power into the grid.
Westinghouse, a Norwegian company led by Alf Bjorseth, began burning thorium fuel in a conventional experimental reactor owned by the Norwegian government in 2010, initially with a $1.5 million grant from the United Nations International Atomic Energy Agency (IAEA), and then with incineration at the country's only nuclear power plant, the Norwegian government's conventional "experimental reactor" in Stavanger, Norway. Today, he runs his private company Scatec as AS and, through a holding company called Thor Corporation, has created a new company (Scatc) based on renewable energy and advanced materials, including Thorum. Thor Corporation also has a number of businesses in solar, wind, geothermal, hydro, biomass, solar and wind energy.