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Scatec Solar

EBRD Offers $458 Million Debt For 750 Megawatts Solar Power Projects In Egypt

written by saurabh

The European Bank for Reconstruction and Development (EBRD) has offered more than $450 million to various project developers planning to set up utility-scale solar power projects in Egypt.

The Bank has offered loans worth $458 million to a total of 16 project developers that represent 750 megawatts capacity. The projects were allocated to these developers through a tendering process. Some of the major project developers planning to set up projects are ACWA Power, Scatec Solar and EDF.

ACWA Power plans to set up a total of 120 megawatt capacity for which it has been offered debt funding worth $28.7 million. Scatec Solar will set up six project of 50 megawatts each and will be eligible for $243 million of debt funding from EBRD. European energy major EDF could get $29 million to set up a 50 megawatt project.

Scatec Solar had signed an agreement with the Egyptian authorities to set up 400 megawatt solar power capacity in the Ben Ban region. The company will pour $50-70 million in these projects itself as equity investment.

More than three dozen project developers had signed agreements with the Egyptian government to set up 1.8 gigawatts of solar power projects in the Ben Ban region, Aswan. The total investment for this solar power park is expected to be around $3 billion.

05/23/2017 0 comment

Renewable Energy

Scatec Solar Signs 400 Megawatts Solar PPA In Egypt

written by saurabh

European solar power developer Scatec Solar has achieved a major milestone in its efforts to expand its footprint in the Egyptian solar market.

Scatec Solar recently announced that it signed power purchase agreements for solar power projects of cumulative capacity of 400 megawatts. The company will be set up under the first phase of feed-in tariff scheme announced by the Egyptian government.

The company had signed agreements with the Egyptian government in 2015 for 250 megawatts. It is not clear if the latest agreements for 400 megawatts are in addition to the old agreements.

The 400 megawatts capacity will be spread across six projects located in Ben Ban region. The projects are expected to require a total investment of $450 million with $50-70 million equity investment coming from Scatec Solar; balance debt finance will likely come from the European Bank for Reconstruction and Development.

Norfund is also expected to partner with Scatec Solar to set up the projects. In 2014, the two signed an agreement to form a joint venture to invest in solar power projects in developing and least developed countries.

The projects are expected to offset around 350,000 tonnes of carbon dioxide emissions every year and contribute significantly to Egypt’s target to generate 870 GWh from renewable energy sources.

A number of companies are working on large-scale solar power projects in Egypt. These include ACWA Power, SkyPower IGD, Terra Sola and Mainstream.

04/22/2017 0 comment

Renewable Energy

Scatec Solar To Build Mozambique’s First Utility-scale Solar Project

written by saurabh

Mozambique will soon see its first utility-scale solar power project commissioned by foreign investors.

Scatec Solar and Norfund will soon sign a power purchase agreement to set up 40 MW solar power project in Mozambique. The project will sell electricity to state owned utility Electricidade de Mozambique (EDM) through a 25-year power purchase agreement.

The project will come up at Mocuba in the Zambézia Province. When commissioned, the project will generate around 77,000 MWh electricity every year enough to meet power demand of around 175,000 households.

In addition to the power purchase agreement, a shareholder agreement will also be signed. Scatec Solar shall hold 52.5% stake in the project, Norfund 22.5%, and EDM will have 25% stake. Debt finance for the project shall be provided by the International Finance Corporation and the Emerging Africa Infrastructure Fund.

Construction on the project is expected to begin by Q1 2017.

In 2014, Scatec Solar and Norfund signed an agreement to set up 200 MW solar power capacity in least developed countries in Africa. As per the agreement, both entities shall be equity partners in the projects.

10/31/2016 0 comment

Renewable Energy

Scatec Solar Wins 100 MW Solar Power Project In Nigeria

written by saurabh

Norwegian independent solar power provider, Scatec Solar, has signed an agreement with Canadian renewable energy group CDIL and Nigerian consulting company BPS for developing a 100 MW solar power plant project in Nigeria.

The 100 MW Nova Scotia Power plant will be built in Nigerian state of Jigawa. Scatec Solar will develop, build, own and operate the solar plant for which 25 year long-term power purchase agreement (PPA) has been signed with the Nigerian Bulk Electricity Trading Plc (NBET). The plant is expected to reach financial close by 2017 and start commercial operations 12 months later.

Last month, NBET signed the first power purchase agreements with solar power project developers. The NBET signed 12 PPAs with projects of 975 MW cumulative capacity. The developers shall sell power from these projects at US¢11.5/kWh for a period of 20 years.

Last year, the Nigerian Electricity Regulatory Commission approved feed-in tariff regulations for renewable energy sourced electricity. As per the provisions of the regulations, electricity distribution companies will be required to source at least 50% of their total procurement from renewable energy sources. The Commission has also mandated that the balance 50% electricity would have to be sourced from Nigerian Bulk Electricity Trading Company.

Scatec Solar is a renowned solar power developer with portfolio of 404 MW of commissioned solar projects with majority of this capacity located in Africa. Company also has presence in Czech Republic, South Africa, Honduras, Jordan and the US.

The company is looking to develop a several large-scale solar power projects across Africa. It signed an agreement to set up 250 MW capacity in Egypt. It is also working on the largest solar power project in west Africa – 33 MW project in Mali.

08/27/2016 0 comment