Scatec Solar closes financing for the 47 MW Redsol project in Malaysia
Oslo: Scatec Solar and partners have closed financing for the 47 MWp Redsol project in Northwest Malaysia with a total investment of approximately USD 47 million. BNP Paribas will provide the non-recourse project finance facility for the project, covering 73% of the project cost.
The solar power plant is expected to deliver 67 GWh of electricity per year with annual revenues of approximately USD 6 million. The project is being realised in a consortium with Fumase (Malaysia) Sdn Bhd, a US- and Malaysia-based asset management and development company focused on renewable energy in South and Southeast Asia. The Redsol project was awarded under Malaysia’s second large scale solar tender round in December 2017 and will be Scatec Solar’s fourth solar power plant in the country.
“With this project we continue to strengthen our position as the leading solar IPP in Malaysia and as a long-term partner to meet the country’s renewable energy targets”, says Raymond Carlsen, CEO of Scatec Solar.
Scatec Solar will provide 100% of the project’s equity. In addition, the company is turn-key EPC provider and will be providing Operation & Maintenance as well as Asset Management services to the power plant. Construction will start imminently with grid connection expected in fourth quarter 2019.
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1 GW. The company has a total of 1.5 GW in operation and under construction in Argentina, Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda, South Africa and Ukraine.
With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’. To learn more, visit www.scatecsolar.com.