Oslo, 4 June 2019: Scatec Solar has signed an agreement with FMO, the Dutch development bank, for FMO to take a 40% equity stake in Scatec Solar’s 32 MW Kamianka project in Ukraine. The total investment for the project is estimated at EUR 35 million and is funded by 70 percent non-recourse debt financing from the European Bank for Reconstruction and Development (lead arranger) and FMO.
“We are pleased to announce this first equity co-investment with our long-term partner FMO. We are working with FMO as a debt and equity partner on a range of new project opportunities in Ukraine and internationally and we expect more cooperation in the years to come”, says Raymond Carlsen CEO of Scatec Solar.
“We are happy to continue our long-standing relationship with Scatec Solar, both as debt and equity partner. The Kamianka solar plant in Ukraine will provide over 10,000 people with 100% green energy. This project with strong positive climate impacts, combined with benefits for the local community, fully aligns with our strategic ambitions”, says Linda Broekhuizen, Chief Investment Officer FMO.
Scatec Solar is the lead equity investor in the project with 60% ownership, while FMO holds the remaining 40%. Scatec Solar is also the Engineering, Procurement and Construction (EPC) provider and will provide Operation & Maintenance as well as Asset Management services to the power plant. Construction started early 2019 with commercial operation expected in fourth quarter 2019.
The project is being realised under Ukraine’s 10-year Feed-in-Tariff scheme and is expected to produce about 39 GWh per year. Public land will be leased for an extended time-period and the solar power plant is expected to deliver power also beyond the Feed-in-tariff period.
For further information, please contact:
Mikkel Tørud, CFO
tel: +47 976 99 144
mikkel.torud@scatec.com
Ingrid Aarsnes, Communication & IR
tel: +47 950 38 364
ingrid.aarsnes@scatec.com
About FMO
FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a more than 45-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: Financial Institutions, Energy, and Agribusiness, Food & Water. With a committed portfolio of EUR 9.6 billion spanning over 82 countries, FMO is one of the larger bilateral private sector developments banks globally.
For more information: please visit www.fmo.nl.
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 1.8 GW in operation and under construction in 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.scatec.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act