Release by Scatec, a subsidiary of the Norwegian Scatec group, has signed two new lease agreements with Cameroon’s national electricity company, ENEO.
This move expands the company’s existing solar and battery storage power plants in the country to a total of 64.4 MW of solar power and 38.2 MWh of battery storage.
Building on a Proven Solution
Release completed its initial solar plants in Maroua and Guider, Cameroon (35.8 MW solar and 19 MWh BESS) in September 2023. The company is now adding 28.6 MW of solar and 19.2 MWh of battery storage, continuing to utilize its innovative solution of movable solar panels and batteries deployed under a simple and flexible leasing contract.
Financial Strength and Growth Trajectory
Release secured funding for these projects through a capital raise last year, with Climate Fund Managers joining as an equity investor with a 32% ownership stake. This financial strength allows Release to pursue significant growth and implement additional projects in its pipeline.
A Model for Clean Energy Access
“This expansion demonstrates the success of our initial projects and the benefits of our innovative offering,” said Hans Olav Kvalvaag, CEO of Release. “By increasing installed capacity, we reaffirm our collaboration with ENEO and our commitment to Cameroon as a key market.”
Kvalvaag added, “These projects not only improve electricity supply in Cameroon and significantly reduce CO2 emissions from diesel generation but also serve as a model for affordable clean energy access in the region and for large energy consumers. We have the funding to support substantial growth and anticipate closing and starting several more projects soon.”
Impact and Future Outlook
Upon completion of the extensions, Release’s projects will power approximately 200,000 households in Cameroon, generating an estimated 141.5 GWh of electricity annually. The battery storage capacity will ensure a stable electricity supply, even during peak hours.
Amine Homman Ludiye, CEO of ENEO Cameroon, said, “ENEO has renewed its trust in Release by Scatec to double the capacity of the solar power plants in Guider and Maroua. This move will further secure power generation in the Northern regions while improving service quality for households and the industrial sector.”
H.E. Gaston Eloundou Essomba, Minister of Water and Energy, Republic of Cameroon, commented, “Our successful partnership with Release by Scatec has greatly benefited the local population in northern Cameroon. This new project will further reduce our dependency on diesel and save the government millions of dollars in fuel costs.”
The projects were originally developed in partnership with Izuba Energy and Sphinx Energy.