Norway-based Scatec ASA has begun construction of a 142 MW PV plant in Minas Gerais, Brazil. The $85 million project is funded with 35% through long-term non-recourse project debt. The remaining financing includes Scatec’s $28 million equity and a $27 million short-term loan from IFU, Denmark’s Investment Fund for Developing Countries. Financial close is expected in early 2025, with operations starting by mid-2026. A PPA with Statkraft secures 75% of the output, with the rest sold through other contracts. Scatec fully owns the project but plans to onboard equity partners post-launch. Acting as EPC manager, Scatec will also handle Operations & Maintenance and Asset Management. As Scatec’s first project in Brazil’s southeast, it will boost the company’s national solar portfolio to 835 MW upon completion.
Scatec ASA begins 142 MW solar plant in Brazil
Scatec has secured EUR 25 million from IFU, alongside equity and non-recourse debt, for its USD 85 million project financing. (Image Source: Scatec ASA)
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Part of SECI’s 2 GW ISTS initiative, the project will deliver four hours of peak power daily for 25 years. (Image Credit/Source: Pixabay/Pexels)
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