Scatec GreenBond

active

Scatec (“the company” or “the Group” - https://scatec.com/) is a leading global renewable energy developer delivering affordable and clean energy worldwide. As a long-term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and battery storage solutions. The Company recently acquired SN Power, a leading hydropower developer with all its assets in emerging markets. As of end-2021, Scatec had more than 3.3GW in operations on four continents and 600 employees and a target to achieve 15GW by 2025. The company is headquartered in Oslo, Norway and is listed on the Oslo Stock Exchange since 2014. The proposed investment is for an IFC participation with an amount up to  NOK222 million into Scatec ASA (“Scatec”) Green Bond issuance of NOK1,000 million.The use of proceeds from this IFC investment will be for two greenfield solar projects (Eligible) which include a number of sub-projects. These include: (i) Scatec Solar RMI4P Project: This includes three greenfield solar photovoltaic (PV) plus storage power plants that form a part of the South African Risk Mitigation Independent Power Producer Procurement Program (RMI4P). Each plant will have a 50 MW net contracted capacity consisting of a 180 MW solar PV facility (installed capacity) combined with a 75 MW/380 MWh battery energy storage system (BESS). The three contiguous power plants are located on farmland approximately 80 km south of Upington and 20-30 km north-east of Kenhardt within the Kheis Local Municipality, Northern Cape Province, South Africa. The Environmental and Social (E&S) Due Diligence for the sub-projects was undertaken by IFC in April 2021, #45423 Kenhardt 1, #45424 Kenhardt 2, #45425 Kenhardt 3 and an E&S action plan (ESAP) developed which is under implementation.(ii) Scatec Mendubim Photovoltaic Complex: The project is a greenfield 453MW comprising 13 Photovoltaic Plants located in the municipality of Açu, in the state of Rio Grande do Norte, Brazil. The complex will consist of the Solar Power Plants; the Electric Substation; the Transmission Line; and the Construction Site, comprising a total area of 1,213.2 hectares.The off-taker for the projects will be the respective state distribution companies in each country where the projects are located. Scatec will be sole EPC-provider to all sub-projects apart from Mendubim where Scatec, Equinor (an international energy company committed to long-term value creation in a low-carbon future, headquartered in in Stavanger, Norway - https://www.equinor.com/) and Hydro Rein, a subsidiary of Hydro Energy https://www.hydro.com/en/energy/renewable-growth/ based in Norway, will be joint EPC-providers.