Sukkur solar plant

active

The project entails the development of 150 MW Sukkur solar power project in Pakistan, which includes 3 solar farms, each at 50MW installed capacity, at Goth Gagrawara, Taluka in Sukkur, Sindh. Scatec (75%) and Karachi-headquartered Nizam Energy (25%), own the 3 project companies - HNDS Energy, Helios Power and Meridian Energy. The project companies in August 2017 had pitched for a tariff of $0.059574 per kWh on the 25-year offtake agreement with Central Power Purchasing Agency (Guarantee). Pakistan's National Energy Power Regulatory Authority (Nepra) awarded a costs-plus-tariff in early 2020. The total cost of the project is $100 million. FMO, Faysal Bank, Bank of Punjab and PAK Kuwait Investment have signed credit agreements for the non-recourse debt financing. Half of the debt is provided by FMO under a credit facility of $39 million and the other half by the three local commercial lenders under PKR denominated credit facilities of an aggregated PKR 6.7 billion. The credit facilities cover up to 75% of the total project cost. The effective tenor on FMO's tranche was 14 years (15 years with a 1-year grace period). Nepra also approved debt pricing at 425bp over 3-month Libor. Financial close took place on February 19th, 2021. Realfin https://scatec.com/2021/02/19/scatec-reaches-financial-close-for-its-first-project-in-pakistan/ https://solarquarter.com/2021/02/19/scatec-reaches-financial-close-for-its-first-project-in-pakistan/ IJGlobal: Solar portfolio reaches financial closure