Scatec ASA has successfully reached financial close for its 142 MW solar photovoltaic (PV) plant currently under construction in the state of Minas Gerais, Brazil. The project marks a significant step forward in Scatec’s renewable energy expansion in the region. The financing package includes BRL 150 million (approximately USD 27 million) in non-recourse project financing, which will be provided by Banco do Nordeste do Brasil (BNB). This amount represents around 30% of the project’s total estimated capital expenditure of BRL 506 million (approximately USD 91 million).
In addition to the financing from BNB, Scatec had previously secured a EUR 25 million debt facility from Impact Fund Denmark. This funding will partially support Scatec’s equity contribution to the project. By the time the plant reaches its expected Commercial Operation Date (COD) in the first half of 2026, Scatec anticipates an equity injection of BRL 201 million (around USD 36 million). A 10-year power purchase agreement (PPA) has already been signed with Statkraft, covering approximately 75% of the plant’s expected electricity generation. The remaining output is planned to be sold through a mix of short, medium, and long-term PPAs.
Terje Pilskog stated, “Securing long-term financing for Rio Urucuia is an important step in delivering this high-quality project and further strengthening our position in Brazil. Construction of the project is progressing as planned and we look forward to connecting our third solar project in Brazil in 2026.”
Scatec holds full ownership of the project and intends to bring in equity partners after the plant begins commercial operations to optimize value creation. The company will also act as the Engineering, Procurement, and Construction (EPC) manager with a limited contract scope. In addition, Scatec will be responsible for providing ongoing Operations & Maintenance as well as Asset Management services for the solar power plant.
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