Scatec Solar and partners have closed financing for the 47 MWp Redsol project in Northwest Malaysia with a total investment of approximately US$47 million. BNP Paribas will provide the non-recourse project finance facility for the project, covering 73% of the project cost.
The solar power plant is expected to deliver 67 GWh of electricity per year with annual revenues of approximately US$6 million. The project is being realised in a consortium with Fumase (Malaysia) Sdn Bhd, a US- and Malaysia-based asset management and development company focused on renewable energy in South and Southeast Asia. The Redsol project was awarded under Malaysia’s second large scale solar tender round in December 2017.
Scatec Solar will provide 100% of the project’s equity. In addition, the company is turn-key EPC provider and will be providing Operation & Maintenance as well as Asset Management services to the power plant. Construction will start imminently with grid connection expected in fourth quarter 2019.
