Scatec sells 104MW Utah plant to Macquarie

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The 104MW plant was the first utility-scale solar project in Utah. Source: Scatec Solar.

Scatec Solar has sold its interest in the Utah Red Hills solar plant to a subsidiary of the Macquarie Infrastructure Corporation (MIC).

The Norwegian company said it had received US$28 million for the sponsor equity it invested in the project.

“We have over the last six months conducted a broad sales process,” said Raymond Carlsen, CEO, Scatec Solar. “This transaction confirms the solid underlying value of Scatec Solar's assets and we will redeploy the capital into new and attractive growth markets. We are actively pursuing a growth strategy with a clear-cut focus on developing utility-scale solar plants in emerging markets,” he added.

According to the company’s website, a 20MW project in the Czech Republic is its sole remaining interest outside of emerging markets.

The 104MW Utah Red Hills plant was the first utility-scale system in the state. It was financed with US$188 million of investment with Google providing tax equity, Prudential Capital Group offering debt financing and Scatec’s sponsor funding.

Scatec Solar and Google owned the site through a partnership with the former managing and operating the plant.

The deal with MIC Renewable Energy Holdings is expected to close before the end of the year.

Read Next

January 21, 2022
Toronto-based renewables developer Amp Energy has closed on a US$350 million credit facility to advance on a global portfolio of renewables and battery energy storage assets.
PV Tech Premium
January 18, 2022
Solar project developer Eco Energy World is aiming to “aggressively” grow its US PV pipeline after formally entering the market last week and intends to replicate the cheaper engineering, procurement and construction (EPC) costs it sees in Europe in the country. PV Tech Premium speaks to CEO Svante Kumlin to find out more.
January 16, 2022
The US Government has appealed against the reinstatement of an exemption from Section 201 tariffs for bifacial modules.
January 14, 2022
The US Department of Energy (DOE) has launched a “Building a Better Grid” initiative to catalyse the development of “new and upgraded high-capacity electric transmission lines” across the US under President Joe Biden’s US$1 trillion Bipartisan Infrastructure Law.
January 13, 2022
Lightsource bp has closed on a US$533 million financing package for the development of 480MW of solar PV across the US as the company continues to expand its operations in the country.
January 12, 2022
Global Infrastructure Partners (GIP) alongside co-investors has closed on a US$500 million investment in independent power producer (IPP) BrightNight LLC to fund the company’s development efforts as well as the construction and operations of its projects.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal