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Scatec Solar starts construction of 117 MW solar project in Argentina

Scatec Solar starts construction of 117 MW solar project in Argentina


Oslo: Scatec Solar and Equinor have started construction of the Guanizuil IIA solar plant located in the Province of San Juan in the northwest of Argentina utilising the agreed Equinor bridge loan facility. Late November 2018, the partners signed the 20-year power purchase agreement (PPA) for delivery of electricity from the 117 MW solar power plant with CAMMESA, the Argentinian Wholesale Power Market Administrator. This is in line with the project announcement made 19 June 2018.

“We are pleased to have reached these significant milestones for our first project in Argentina. The project is ramping up activities according to plans with expected commercial operation by year-end 2019”, says Raymond Carlsen CEO of Scatec Solar.

Total capital expenditure to realise the plant is estimated at USD 103 million and the plant will be owned 50% by Scatec Solar and 50% by Equinor. The power plant is expected to produce about 308,000 MWh of electricity annually providing electricity to 80,000 households.

Scatec Solar will be project lead in a jointly owned construction company while Equinor will provide a construction bridge loan covering 60% of the capex required for the project. The project company will source all major components to the project directly. The partners have started a process to secure suitable long-term project financing to the project.

With the Guanizuil IIA plant in construction, Scatec Solar has a total of 877 MW under construction and 584 MW in operation.

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.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Source: globenewswire
Anand Gupta Editor - EQ Int'l Media Network


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