Release by Scatec, majority owned by Scatec ASA, has signed new lease agreements totaling 64 MW of solar power and 10 MWh of battery storage across Liberia and Sierra Leone. The announcement was made on October 16, 2025, from Oslo and Washington, DC. According to Terje Pilskog, Scatec CEO and Chairman of Release, these agreements mark a significant step in strengthening the company's 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.

Project Details and Specifications

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 to use Release's newly introduced solar panel mounting structure, designed by its engineering team in South Africa. This represents a milestone for the company and marks the start of a new way of delivering its projects.

Financial Backing and Support Structure

Release receives support from the World Bank's IFC through a USD 100 million loan and a USD 65 million guarantee facility, both established in 2023, to secure 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. 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.

Company Background and Operations

Scatec is described as a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, the company develops, builds, owns, and operates renewable energy plants, with 6.2 GW in operation and under construction across five continents today. The company is committed to growing its renewable energy capacity, delivered by its 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'. Release is designed to overcome financial and technical barriers associated with adopting solar energy by offering a flexible leasing agreement for pre-assembled solar PV and battery equipment, delivering a low-cost, clean, and reliable power solution.

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