Scatec secures guarantees for 540-MW solar-storage project in S Africa

Scatec ASA (OSL:SCATC) has secured NOK 1.2 billion (USD 122.1m/EUR 122.1m) in guarantees from Norway’s state-backed export credit agency Eksfin in support of its project for 540 MW of solar power and 225 MW of battery storage in South Africa, Eksfin announced on Tuesday.

The Oslo-based green power producer recently launched the Kenhardt solar-plus-storage project in South Africa’s Northern Cape province after signing power purchase agreements (PPAs) this summer for 150 MW generated by the complex and reaching financial close.

Kenhardt will be made up of three solar farms and battery storage capacity of 1,140 MWh.

“We are proud to collaborate with Scatec, one of the many renewable-energy companies Eksfin has financed. Supporting solar energy projects is critical at a time when the world desperately needs more clean energy,” Eksfin Managing Director Tone Lunde Bakker said in a statement.

Scatec owns a 51% stake in the project and serves as the EPC services provider. The remaining interest is held by Cape Town-based H1 Holdings, Scatec’s local Black Economic Empowerment partner.

(NOK 1.0 = USD 0.102/EUR 0.102)

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