Scatec closes financing on 104-MW solar scheme in US
Solar Farm. Author: Michael Mees meesphotography.com License: Creative Commons, Attribution 2.0 Generic
Dec 30, 2014 - Norwegian power producer Scatec Solar ASA has secured USD 157 million (EUR 129m) for its 104-MW Red Hills solar park in the US state of Utah, thus reaching financial close on the project.
The funding consists of tax equity, debt and sponsor equity. In its press release on Monday, the Norwegian firm did not provide further details about the deal.
Scatec Solar will invest USD 188 million in total to build the Red Hills photovoltaic (PV) plant on private land in Parowan. The installation will comprise nearly 325,000 modules on a single-axis tracking system that are expected to produce about 210 million kWh of electricity annually. Its output will be sold to PacifiCorp’s (OTCMKTS:PPWRL) unit Rocky Mountain Power under a 20-year power purchase agreement. The park will interconnect to an existing transmission line.
Once operational, the 104-MW facility will be Scatec Solar’s largest plant in North America, the firm’s CEO Raymond Carlsen said. It will qualify for the US government’s 30% investment tax credit.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.