Scatec Solar - EGM 25 June 2020
In general, Scatec Solar is in compliance with the Norwegian regulations relating to the
organisation and procedures of the General Shareholders Meeting.
Under ITEM 5, the Board of Directors proposes to amend Section 3 of the Articles of
Association (company's purpose) to allow the company to engage in renewable energy
technologies other than solar energy. ECGS recommends to vote FOR.
Under ITEM 6, the Board of Directors seeks authority to increase the share capital by up
to 10% with the possibility to exclude pre-emptive rights. The authorization will be valid
until the next AGM, and in any case no later than June 2021. Although the terms of the
authorization meet ECGS guidelines, we note that on 18 May 2020 the Board made use
almost in full of the authorization granted by the 2020 AGM (held on April 28), increasing
the share capital by 9.6% through a private placement. Therefore, the authority
requested at the EGM would allow the Board to increase the share capital by 20% in
one year. ECGS therefore recommends to OPPOSE.
Scatec Solar ASA is a Norway-based integrated independent solar power producer. It develops, builds, owns, operates and maintains solar power plants, and has several projects under development in Africa, the United States, Japan, Brazil the Middle East and Europe. The Company has three operating business segments: Power Production (PP), Operation & Maintenance (O&M), and Development & Construction (D&C). The PP segment comprises the Kalkbult and Linde plants in South Africa, the ASYV plant in Rwanda and four plants in the Czech Republic. The O&M includes services provided to solar power plants in which Scatec Solar participates or to third party plants constructed by the Company. The D&C comprises development activities as well as construction of solar power plants developed by Scatec Solar.
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