Scatec Solar Portfolio

Active

The project entails the construction, development and operation of six solar plants include Scatec Benban I (Aswan); Scatec Benban II (Kom Ombo); Scatec Benban III (Sun Infinite); Scatec Benban IV (Red Sea); Scatec Benban V (Zafarana); and Scatec Benban VI (Philadelphia). The solar plants are located in Ben Ban near Aswan in Upper Egypt with a PV capacity of 300 MW. Scatec Solar, Norfund and Africa50 are sponsoring the project. This is a greenfield project developed as part of Round 2 of the Egyptian Government feed-in-tariff (FiT) scheme for domestic solar PV and wind energy project. The project company will build, own and operate the power farm for a period of 25 years. The project company was awarded the contract on a license scheme with a predetermined tariff rate. The state-owned Egyptian Electricity and Transmission Company will offtake power from the project under 25-year PPA. The six SPV of the different projects are as following: - Scatec Benban I (ASWAN PV POWER SAE) - Scatec Benban II (KOM OMBO FOR RENEWABLE ENERGY SAE) - Scatec Benban III (UPPER EGYPT SOLAR POWER SAE) - Scatec Benban IV (RED SEA SOLAR POWER SAE) - Scatec Benban V (ZAFARANA SOLAR POWER SAE) - Scatec Benban VI (DARAW SOLAR POWER SAE) Scatec will complete EPC and O&M for the portfolio. The required investment for the six plants is estimated at $450 million. The debt to equity ratio is 74:26. Scatec’s portfolio of projects received $335 million in debt financing from a group of five DFIs: EBRD provided $115 million from its own account and further syndicated $220 million, of which $48 million is provided by the Green Climate Fund and $72 million provided by FMO, Islamic Development Bank – $75 million and Islamic Corporation for the Development of the Private Sector – $25 million. Financial close occurred in end of October 2017. https://ijglobal.com/data/transaction/38026/scatec-solars-egyptian-pv-solar-portfolio-400mw Africa50 to be added to sponsors' list