Scatec, a Norway-based renewable energy provider, has secured financing for the second 60 MW phase of Botswana’s Mmadinare Solar Complex. Starting in August 2022 with a 25-year PPA with Botswana Power Corporation, the project reached 120 MW following a Q3 2023 expansion. The project’s total cost is BWP 1.5 billion (~$108 million). Scatec’s EPC contract is valued at BWP 1.2 billion (~$88 million). Financing includes BWP 1 billion (~$73 million) in project debt from First National Bank Botswana and IFC, while the rest comes from Scatec’s equity. Scatec owns the project completely and will manage operations through its South African team. The project will supply power to 20,000 households and expected to cut 48,000 tons of CO₂ emissions annually.
Botswana’s 120 MW solar complex by Scatec moves to construction phase
Scatec’s solar project in Botswana marks progress with a 25-year PPA and USD 108 million investment. (Image Source: Scatec ASA)
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