Financial Close reached for 142 MW Solar PV Project in Brazil

Scatec ASA has reached financial close for its 142 MW solar PV plant currently under construction in Minas Gerais in Brazil.

The non-recourse project financing comprises BRL 150 million (USD 27 million), to be provided by Banco de Nordeste do Brasil (BNB). The financing amount corresponds to 30% of the total estimated capital expenditure of BRL 506 million (USD 91 million). The solar plant is expected to reach Commercial Operation Date (COD) in the first half of 2026.

Scatec has previously secured a debt facility of EUR 25 million from Impact Fund Denmark to partially fund Scatec’s equity share in the project, bringing Scatec’s expected equity injection by COD to BRL 201 million (USD 36 million). Scatec has signed a 10-year power purchase agreement (PPA) with Statkraft for approximately 75% of the expected power produced. The remainder is expected to be sold under short, medium, and long-term PPAs.

Scatec holds a 100% ownership stake in the solar project, with the aim of bringing in equity partners once COD has been reached, to further enhance value creation. Scatec will also be the EPC manager for the project, with a limited contract scope. Scatec will further provide Operations & Maintenance and Asset Management services to the solar power plant.