Scatec Solar reaches financial close for another 54 MW in Ukraine

Oslo, 8 July 2019: Scatec Solar and partners have closed financing for the 54 MW Boguslav project with a total investment of EUR 54 million.

FMO, the Dutch development bank, Green for Growth Fund (under FMO’s B Facility) and GIEK (providing an unfunded credit guarantee) have signed credit agreements for the non-recourse debt financing of the Boguslav project. The credit facilities amount to EUR 38 million and covers up to 70% of the total project costs. The financing has been coordinated by FMO.

“We are proud to complete financing for our fifth solar power project in Ukraine. This is another confirmation of Scatec Solar’s strong foothold in the country where we together with our partners continue to support the growth of renewable energy. We are very appreciative of our relationship with this group of international financiers, who provide long term debt funding for the Boguslav project, says Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar will be the lead equity investor and is in the process of securing additional equity partners. The company will also be the Engineering, Procurement and Construction (EPC) provider and provide Operation & Maintenance as well as Asset Management services to the power plants. Construction has started with expected commercial operation in first half of 2020.

The project will be realised under Ukraine’s 10-year Feed-in-Tariff scheme and is expected to deliver about 61 GWh per year. The Boguslav plant located in the Kyiv region will be providing clean energy for up to 27,000 households and contribute to avoid about 36,600 tonnes of carbon emissions per annum. Public land will be leased for an extended time-period and the solar power plants are expected to deliver power also beyond the Feed-in-tariff period.

With this project Scatec Solar has 336 MW under construction and 69 MW of project backlog in Ukraine.Globally, Scatec Solar has 844 MW in operation and 1,070 MW under construction, and a project backlog and pipeline of 4.6 GW.

Scatec Solar’s portfolio of 336 MW under construction in Ukraine

Project Capacity (MW) Capex
(EUR million)
Project financing partners Equity partners
Rengy 47 52 EBRD, Black Sea Trade and Development Bank 49% – Rengy Development Group
Kamianka 32 35 EBRD, FMO 40% – FMO
Progressovka 148 124 POWER CHINA GUIZHOU ENGINEERING (construction financing) To be determined
Chigirin 55 53 EBRD, NEFCO, Swedfund To be determined
Boguslav 54 54 FMO, Green for Growth Fund (GGF), GIEK To be determined
Total 336 318

For further information, please contact:

Ingrid Aarsnes, VP Communication & IR
Tel: +47 950 38 364
Ingrid.aarsnes@scatecsolar.com

Mikkel Tørud, CFO
Tel: +47 976 99 144    
mikkel.torud@scatecsolar.com

For online use of photos, please make sure you credit – Photo: Scatec Solar.

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 1.9 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