Oslo, 14 December 2018: Scatec Solar ASA and partners have reached financial close for the 47 MW Rengy project in the Mykolaiv region in the south of Ukraine with a total investment of EUR 52 million.
The European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB) have signed credit agreements of 50% each of the non-recourse debt financing of the project. The credit facilities amount to EUR 36 million and covers 70% of the total project costs.
Scatec Solar owns 51% of the project and Rengy Development Group holds the balance. Scatec Solar will be the Engineering, Procurement and Construction (EPC) provider and provide Operation & Maintenance as well as Asset Management services to the power plant. Construction is starting imminently with commercial operation during 2019.
The project will be realized under the country's 10-year Feed-in-Tariff scheme and are expected to produce about 58 GWh per year. Public land will be leased for an extended time-period and the plants are expected to deliver power also beyond the Feed-in-tariff period.
Rengy Development is one of the largest developers and independent solar power producers in Ukraine. It was established in 2009 and has to date developed, built and commissioned a 70 MW portfolio of solar power plants in Ukraine.
For further information, please contact:
Mikkel Tørud, CFO tel: +47 976 99 144 mikkel.torud@scatecsolar.com
Ingrid Aarsnes, Communication & IR tel: +47 950 38 364 ingrid.aarsnes@scatecsolar.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 GW. The company has a total of 1.4 GW in operation and under construction in Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda and South Africa
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