Scatec Solar completes USD-146m private placement

Source: Scatec Solar (www.scatecsolar.com)

September 25 (Renewables Now) - Norway’s Scatec Solar ASA (OSL:SSO) has raised some NOK 1.32 billion (USD 146.3m/EUR 133m) in gross proceeds through a private placement of new shares.

The solar power producer noted that it will use the net proceeds from the transaction to speed up growth, including near-term equity investments in large-scale solar projects.

The company allocated 11.375 million new shares at NOK 116 apiece, which is a 0.6% premium to the 10-day volume weighted average price of its stock. A firm held by Scatec CEO Raymond Carlsen was allocated 172,414 shares in the transaction.

The share issuance was resolved by the company's board of directors at a meeting held on September 24 and the application period for the private placement closed later that day.

Carnegie AS, JP Morgan Securities plc and Nordea Bank Abp, filial i Norge served as joint bookrunners for the private placement.

(NOK 1.0 = USD 0.111/EUR 0.101)

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