Scatec, Norfund to work on PV projects in developing countries

Sep 2, 2014 - Norwegian solar power producer Scatec Solar ASA said on Saturday it has sealed a partnership agreement with Norfund to jointly develop and invest in solar projects in developing nations.

The two firms have agreed to work on photovoltaic (PV) schemes in all developing countries within Norfund’s mandate, an mentioned Sub-Saharan Africa as a key destination. Norfund, also known as the Norwegian Investment Fund for Developing Countries, operates in a number of countries in Central America, Africa, and south and Southeast Asia.

As per the deal, Oslo-based Scatec will hold a 70% stake in the joint investment company and will be in charge of the development, execution and management of the solar projects. Norfund will own the remaining 30% and will provide long-term financing for the projects.

Scatec and Norfund have previously collaborated in the development of 200 MW of solar schemes in Africa -- three in South Africa and one in Rwanda. In July, Scatec put into commercial operation its 40-MW Linde PV plant in South Africa, financed by Norfund, South Africa's Standard Bank (JSE:SBK), Old Mutual Life Assurance and Simacel.

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