Scatec achieves fin close for 150-MW solar project in Pakistan

Source: Scatec Solar (www.scatecsolar.com)

February 19 (Renewables Now) - Oslo-based solar power producer Scatec ASA (OSL:SCATC) and its partner Nizam Energy have achieved the financial close for the 150-MW Sukkur solar project in Pakistan’s Sindh province.

Scatec announced today that Dutch development bank FMO, Faysal Bank, Bank of Punjab and PAK Kuwait Investment have inked credit deals for the non-recourse debt financing of the project, which requires a total investment of some USD 100 million (EUR 82.4m).

FMO is providing half of the debt quantum with a USD-39-million credit facility, while the three local commercial lenders have contributed PKR-denominated credit facilities of an aggregated PKR 2.2 billion (USD 13.8m/EUR 11.4m).

The National Energy Power Regulatory Authority (NEPRA) awarded a “costs plus tariff” to the Sukkur project portfolio in early 2020. The developers hope to begin construction in the first half of 2021, with Scatec taking the engineering, procurement and construction (EPC) and operation and maintenance (O&M) roles.

The Norwegian company will hold a 75% stake in the asset, leaving the rest to Nizam Energy.

(USD 1.0 = EUR 0.824)

(PKR 100 = USD 0.629/EUR 0.518)

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