Project Focus: Scatec Solar completes 2.65MW construction in the Czech Republic

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Scatec Solar has now completed the grid connection of two solar parks totalling 2.65MW, in the south eastern region of the Czech Republic. These plants are the first of 17.5MW of projects the company plans to construct in the country before the end of 2010.

The first project, located at Hrusovany, is a 1.05MW extension of the existing 2.1MW plant Scatec Solar completed in 2009. The second at Mramotice is a 1.6MW plant expected to be extended by 1MW later this year. Combined, the total annual production of the parks is expected to be approximately 3,000MWh.

“We are very pleased to have successfully completed these projects in the Czech Republic,” said Raymond Carlsen, CEO of Scatec Solar. “We have ambitious goals for the Czech market this year and we are on track to obtain our objective to establish cost efficient solar PV as a sustainable source of energy to Czech consumers.”

Both solar plants will be financed through a loan agreement with Eksportfinans, the Norwegian export credit institution for export financing, owned by banks and the Norwegian Ministry for Trade and Industry. This is the first closing under a portfolio structure where Eksportfinans is providing the funding with backing in the form of guarantees from GIEK (The Norwegian Guarantee Institute for Export Credit) and the corporate bank, Nordea. The total framework for this financing extends to the full 17.5MW Scatec Solar has in the pipeline for 2010, and represents a total potential of €80 million debt finance.

“The portfolio agreement with Eksportfinans, GIEK and Nordea is a milestone in our activities in the Czech Republic and will secure financing at beneficial terms and conditions for all the projects we plan to complete this year,” Carlsen continued. “To a large extent, access to debt financing dictates both the size and the tempo in completing solar PV projects, and we dedicate substantial time and internal resources to secure such financing. Through this portfolio agreement we have obtained the necessary financial predictability to complete projects in the Czech Republic in line with our optimistic plans.”

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