Scatec refinances 190 MW of co-owned solar farms in S Africa
Source: Scatec Solar ASA, License: All Rights Reserved.
March 24 (Renewables Now) - Norwegian green power producer Scatec ASA (OSL:SCATC) has refinanced the non-recourse debt facilities tied to three operating solar farms totalling 190 MW it co-owns in South Africa.
In a press release on Thursday, Scatec said that its share of proceeds from the refinancing stands at ZAR 540 million (USD 36.6m/EUR 33.3m) based on its 45% ownership in the solar farms Kalkbult, Dreunberg and Linde.
The 75-MW Kalkbult was connected to the grid in 2013, while the 75-MW Dreunberg and the 40-MW Linde came into operation a year later.
Scatec closed the refinancing with the existing lenders.
“Key amended terms include increased debt amounts, reduced margins, increased tenors, and release of cash from debt reserve accounts, implying minor impacts to expected future dividends from the power plants,” the Norwegian company said in the statement.
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