Scatec points bonds to refinance 380-MW photo voltaic portfolio in Egypt

April 28 (Renewables Now) – Scatec ASA (OSL:SCATC) and its companions have issued a USD-334.5-million (EUR 313.3m) inexperienced bond to refinance 380 MW of photo voltaic parks in Egypt, the Norwegian renewables developer mentioned as we speak.

With the transaction, Scatec has refinanced the non-recourse challenge debt for six photovoltaic (PV) energy vegetation throughout the 1,650-GW Benban photo voltaic complicated in Aswan Governorate.

The refinancing will present the corporate with elevated leverage, prolonged tenor and decreased curiosity prices, permitting the corporate and its companions to get increased money distribution from the belongings.

The non-recourse inexperienced bonds, maturing in 19 years, had been distributed to a tie-up of growth finance establishments, together with the European Financial institution for Reconstruction and Improvement (EBRD), the US Worldwide Improvement Finance Company (DFC), the Dutch growth financial institution FMO and German Funding Company DEG. Personal institutional buyers additionally took half within the funding spherical.

Mitsubishi UFJ Monetary Group organized the bond sale.

Final week, Scatec refinanced USD-37-million of non-recourse challenge debt for its 39-MW Dam Nai wind farm in Vietnam.

(USD 1.0 = EUR 0.937)

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