Scatec Solar secures finance for 43MW of Jordan PV

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Norway-based independent power producer, Scatec Solar, has secured finance for 43MW of PV in Jordan.

The US$100 million deal will allow Scatec to press ahead with the construction of three separate projects in the Hashemite Kingdom, one the 10MW Oryx plant and two others totalling 33MW.

The debt financing will be provided by The European Bank for Reconstruction and Development (EBRD) and the French development agency Société de Promotion et de Participation pour la Coopération Economique (Proparco).

Scatec has been jointly developing the projects with local partners Quest Energy Investment and European Jordanian Renewable Energy Projects, and will build, operate and maintain them.

The firm will own 70% of the 10MW Oryx plant and 40% of the two others.

“Securing financing for the Jordanian projects is an important milestone for Scatec Solar, and an important contribution to meet our ambition of continued strong growth as an independent solar power producer. I am pleased to see that our approach to team up with local partners and strong finance institutions bring about such great results,” said Scatec CEO Raymond Carlsen.

The three plants are expected to produce 104,000MWh of power annually, which will be sold under a 20-year power purchase agreement to Jordan’s National Electric Power Company, Nepco.

Completion of the plants is slated for the second half of 2015.

Scatec is on an aggressive drive to build and operate PV power plants in emerging markets. The company has already taken a lead in South Africa’s burgeoning PV market, where it has four plants under operation, and Rwanda, where it recently connected the country’s first large-scale plant, and is looking at other countries including Ghana, Mali and Burkina Faso.

In third quarter results last week, Scatec said it had seen revenues and profits grow off the back of power sales from its growing fleet of operating plants.

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