Mmadinare solar complex phase 1

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The project consists of the development, financing, construction, operation, and maintenance of a 60 MW solar PV plant at Selebi Phikwe in Botswana, which is the first phase of the Mmadinare Solar Complex. The project company is Selebi Phikwe Solar Pty Ltd, fully owned by Scatec ASA. The sponsor will also act as the EPC, O&M and Asset Manager in the project. Scatec and the Botswana Power Corporation (BPC) signed a 25-year Power Purchase Agreement (PPA) on August 31, 2022. The Project was bid under a competitive process conducted by BPC in October 2020 and awarded to Scatec in August 2021. The initiative aims to contribute to renewable energy generation in Botswana, reduce carbon emissions of around 48,000 tonnes of CO2, and provide a sustainable source of power for around 20,000 households a year. The total investment value of the project is $60 million, which is being financed on a 52:48 debt-to-equity ratio, with a $31.4 million debt package and $29.6 million in equity contributions. The IFC provided $16.4 million and mobilized $15 million equivalent in BWP from First National Bank of Botswana, acting through its Rand Merchant Bank division. Financial close was achieved on December 15th, 2023. https://disclosures.ifc.org/project-detail/SII/44613/botswana-solar https://www.afrik21.africa/en/botswana-scatec-closes-the-financing-for-the-1st-phase-of-the-mmadinare-solar-park/ https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27952 https://ippjournal.com/update/financial-close-for-60-mw-mmadinare-solar-complex