Norway’s Scatec Solar gets $335 million financing for plants in Egypt

By Susanna Moon

Chicago, Oct. 27 – Scatec Solar ASA said it obtained $335 million non-recourse project financing by a consortium of international development finance institutions for six solar PV power plants in Egypt.

The $335 million project finance accounts for 75% of the capex, according to a company announcement.

The consortium consists of EBRD, the United Nations' Green Climate Fund, the Dutch development bank, FMO, the Islamic Development Bank and the Islamic Corp. for the Development of the Private Sector.

“With this program, the government of Egypt is making important steps towards accessing clean and low-cost electricity to drive development and economic prosperity. Scatec Solar and partners are making significant investments and a long-term commitment to Egypt,” Raymond Carlsen, chief executive officer of Scatec Solar, said in the statement.

Scatec is an Oslo-based company that builds, owns, operates and maintains solar power plants.

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