Scatec Solar has solar power plants with 258 MW aggregate capacity in South Africa, which come with 90% of its investments here covered by the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA). (Photo Credit: Scatec Solar)
- Scatec Solar says it has completed a deal to increase its shareholding in 3 operational solar power plants in South Africa
- The projects represent an aggregate capacity of 190 MW; Scatec Solar now owns a 45% share
- In all, it has 6 solar power plants in South Africa with a total capacity of 258 MW, all of which is backed by guarantees from the World Bank Group’s MIGA
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Norwegian solar power project developer Scatec Solar has achieved financial closure and increased its shareholding in three operating power plants in South Africa. It now holds 45% share in these projects, up from previous 39%. In August 2018, it announced its decision to purchase Norwegian private equity company Norfund’s 21% share in the solar plant Kalkbult, KLP Norfund’s 16% shares in Linde and Dreunberg, along with STANLIB Private Equity Infrastructure Fund 1 in the three projects, which have a cumulative capacity of 190 MW.
The company is ramping up construction of the three PV projects with an aggregate capacity of 258 MW in South Africa. Altogether, the 6 solar power plants will generate around 1,000 GWh of clean energy annually that will be sold under 20-year power purchase agreements, it said.
All of these projects have guarantees by the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), covering 90% of the company’s investments for up to 15 years against the risks of Breach of Contract and Transfer Restrictions and Convertibility.
“These MIGA guarantees are a cost-efficient way of mitigating risk in an important part of our asset portfolio. We are working with multilateral finance institutions across emerging markets and with these agreements we are again demonstrating how strong partnerships are improving the robustness of our long-term investments”, says Raymond Carlsen, CEO of Scatec Solar.