Three PV plants totalling 258 MW to achieve financial close

April 9th, 2018, Published in Articles: Energize

Norwegian Scatec Solar ASA (SSO) and partners are expecting to achieve financial close for three solar PV plants in South Africa totalling 258 MW. In April 2015, Scatec Solar was awarded preferred bidder status for the three projects in Upington in the fourth bidding round under the REIPPP. Construction start is expected in the third quarter of 2018 with grid connection towards the end of 2019. The plants are expected to produce 650 GWh annually. Scatec Solar will build, own and operate the solar power plants with a 42% shareholding. KLP Norfund Investments will hold 18%, the surrounding community of Upington 5% and a South African Black investor will hold the remaining 35% of the equity.The three projects involve a total investment of R4,76-billion. A consortium of commercial banks and DFIs with Standard Bank in the lead are providing non-recourse project finance of R3,68-billion, accounting for 77% of the total project cost.

Contact Jan Fourie, Scatec Solar, Tel 011 784-2777, jan.fourie@scatecsolar.com