Oslo, 31 March 2020: Scatec Solar ASA has secured guarantees with MIGA (Multilateral Investment Guarantees), a member of the World Bank Group, covering its equity investments in the six Egyptian solar power plants – also known as the 390 MW BenBan project. The guarantees cover 90 percent of investments by Scatec Solar for up to 15 years against the risks of Transfer Restrictions and Convertibility.
“The MIGA guarantees are a cost-efficient way of mitigating risk for our largest project in the portfolio. Strong partnerships are essential to our business and this agreement is further strengthening the robustness of our investment, says Raymond Carlsen, CEO of Scatec Solar.
In November 2018, Scatec Solar secured guarantees with MIGA for all six South African solar power plants. These guarantees cover 90 percent of investments by Scatec Solar for up to 15 years against the risks of Breach of Contract and Transfer Restrictions and Convertibility.
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over $55 billion in guarantees across 114 developing countries.
For further information, please contact:
Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatec.com
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364
email: ingrid.aarsnes@scatec.com
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 1.5 GW. The company has a total of 1.9 GW in operation and under construction on four continents.
With an established global presence and a significant project pipeline, the company is targeting a capacity of 4.5 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.