Scatec issues bonds to refinance 380-MW solar portfolio in Egypt

Source: Scatec Solar (www.scatecsolar.com)

April 28 (Renewables Now) - Scatec ASA (OSL:SCATC) and its partners have issued a USD-334.5-million (EUR 313.3m) green bond to refinance 380 MW of solar parks in Egypt, the Norwegian renewables developer said today.

With the transaction, Scatec has refinanced the non-recourse project debt for six photovoltaic (PV) power plants within the 1,650-GW Benban solar complex in Aswan Governorate.

The refinancing will provide the company with increased leverage, extended tenor and reduced interest costs, allowing the company and its partners to get higher cash distribution from the assets.

The non-recourse green bonds, maturing in 19 years, were distributed to a tie-up of development finance institutions, including the European Bank for Reconstruction and Development (EBRD), the US International Development Finance Corporation (DFC), the Dutch development bank FMO and German Investment Corporation DEG. Private institutional investors also took part in the funding round.

Mitsubishi UFJ Financial Group arranged the bond sale.

Last week, Scatec refinanced USD-37-million of non-recourse project debt for its 39-MW Dam Nai wind farm in Vietnam.

(USD 1.0 = EUR 0.937)

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