Scatec Solar raises USD 45m from share sale to fund growth
Source: Scatec Solar. License: All Rights Reserved.
Norwegian independent power producer Scatec Solar ASA (OSL:SSO) has raised about NOK 380 million (USD 44.7m/EUR 41.5m) of gross proceeds from a private placement of new shares.
The solar-focused company issued 9.38 million new shares at a price of NOK 40.50 apiece.
Scatec Solar said it will use the net proceeds to fund the equity portion of investments in backlog and pipeline projects on top of its current self-funded growth capacity. The firm also pointed out that after considering different transaction alternatives, it had chosen to carry out the share issue as a private placement in order to make use of the current market conditions.
The private placement was conducted after close of markets on Thursday and attracted strong interest from both existing shareholders and new institutional investors. It was significantly oversubscribed, Scatec Solar added.