- Scatec is closing its financial deal for 3 solar projects.
Scatec, a Norwegian independent power producer (IPP), is rounding up the financing for its three Kenhardt solar projects and starting construction in the Northern Cape province of South Africa. The plants will be equipped with battery storage systems.
According to a report by Afrik Africa, the projects are expected to cost 16.4 billion South African rands, or $962 million, to implement. This budget will raise R12.4 billion ($727 million) from a group of lenders, including Standard Bank Group as arranger and British International Investment (BII). Under the co-development agreement, Scatec will own 51% of the project, while South African investor H1 Holdings will own 49%. IPP is the engineering, procurement and construction (EPC) service provider. The Oslo-based company will also provide operation and maintenance and asset management services for the power plants.