Financial close for 60 MW Mmadinare Solar Complex

Scatec ASA has reached financial close on the first 60 MW of the 120 MW Mmadinare Solar Complex in Botswana.

In Q3 of 2023, Scatec secured a 60 MW expansion to the project, increasing the total capacity to 120 MW. The anticipated total capital expenditure for the 120 MW initiative is BWP 1.4 billion (USD 104 million), with Scatec holding an estimated EPC contract value of BWP 1.2 billion (USD 90 million). The solar power plants are expected to be funded through BWP 936 million (USD 68 million) in non-recourse project debt and equity from Scatec. Financing for the initial 60 MW will be provided by the Rand Merchant Bank in Botswana and the World Bank's International Finance Corporation (IFC). The Botswana Power Corporation (BPC) has entered into a binding 25-year power purchase agreement (PPA) for a 60 MW solar PV facility in the Mmadinare District.

Scatec is the sole owner of the project and will serve as the designated engineering, procurement, and construction (EPC) company, as well as the asset manager (AM) and operations and maintenance (O&M) service provider. The construction and operation of the power plants will be overseen by Scatec's organization in South Africa.