April 29 (Renewables Now) – The European Financial institution for Reconstruction and Improvement (EBRD) has invested as much as USD 100 million (EUR 93.7m) in a USD-334.5-million inexperienced bond issued by Norwegian renewables developer Scatec ASA (OSL:SCATC).
The lender mentioned on Thursday it should additionally present USD 30 million within the type of a credit score enhancement facility to institutional buyers collaborating within the transaction.
Scatec Photo voltaic launched the inexperienced bond sale to refinance the non-recourse mission debt for six photovoltaic (PV) energy crops in Egypt. The photo voltaic parks, with a mixed capability of 380 MW, are situated inside the 1,650-GW Benban photo voltaic complicated in Aswan Governorate.
The non-recourse inexperienced bonds, maturing in 19 years, have been distributed to a tie-up of growth finance establishments. Aside from EBRD, different contributors within the providing have been the US Worldwide Improvement Finance Company (DFC), the Dutch growth financial institution FMO and German Funding Company DEG. Non-public institutional buyers additionally took half within the funding spherical.
Based on EBRD, the transaction was the primary non-public inexperienced mission bond issuance in Egypt and the Southern and Jap Mediterranean area.
(USD 1.0 = EUR 0.937)
