Scatec refinances wind power plant in Vietnam and receives net proceeds of USD 6 million – EQ Mag Pro
Oslo : Scatec, a leading renewable energy solutions provider, has refinanced the USD 37 million of non-recourse project debt for the 39 MW wind power plant Dam Nai in Vietnam.
With this refinancing, Scatec has achieved improved project return through a reduced interest margin and a covenant relief which allows for an immediate cash distribution of USD 6 million.
The Dam Nai wind farm is 100 percent owned by Scatec and was part of the acquisition of SN Power in early 2021. It is located in the Ninh Thuan province, approximately 350 kilometres north of Ho Chi Minh City, in the southern part of the Southeast Asian country.
Vietnam is an important market for Scatec, and the refinancing demonstrates how project returns can be enhanced when renewable assets and financial markets in countries where Scatec operate becomes more mature. The refinancing is being facilitated by Vietcombank, one of the largest commercial banks in Vietnam.
“We are very pleased with the improved financing terms and project returns resulting from the refinancing. This transaction is the result of our continuous efforts to improve value creation for our operating portfolio through financial optimisation,” says CFO Mikkel Tørud.
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in high growth markets. As a long-term player, we develop, build, own and operate renewable energy plants, with 3.5 GW of installed capacity across four continents today. We are targeting 15 GW of renewable capacity to be in operation or under construction by the end of 2025, delivered by our 600 passionate employees who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’.
