NOK1.2bn financing secured for 540 MW solar PV with 225 MW energy storage project in Kenhardt

Export Finance Norway (Eksfin) has extended the NOK1.2 billion (US$119.62 billion) financial risk reduction scheme to Scatec for the development of the 540 MW solar photovoltaic (PV) plant with 225 MW/1,140 MWh of battery capacity located in Kenhardt, Northern Cape, South Africa. 

Eksfin is backing Nordea guarantees ensuring Scatec constructs the plant as contracted and that owners’ equity is duly received. Loans are being provided by South Africa’s Standard Bank and UK development finance institution British International Investment (BII).