Scatec makes progress with 531-MW solar project in Brazil

• Norwegian firm Scatec ASA (OSL: SCATC) introduced on Thursday it has actually made its very first drawdown under a USD-243-million (EUR 225.31 m) non-recourse loan center as construction of the 531-MW Mendubim solar project in Brazil remains in development.

The loan agreement was tattooed in November 2022 with lenders IDB Invest, Banco Santander (BME: SAN) and also BNP Paribas (EPA: BNP) to sustain the implementation of the project. Construction of the Mendubim solar power plant began in July 2022 as well as is currently 34% finished.

Located in the northeastern state of Rio Grande do Norte, the solar park is being become aware in partnership with Equinor ASA (NYSE: EQNR) and Hydro Rein, part of aluminium manufacturer Norsk Hydro ASA (OSE: NHY).

Once up and running, Mendubim should be capable of creating enough clean power to fulfill the need of some 620,000 neighborhood households.

Around 60% of its outcome will be offered under a 20-year USD-denominated power purchase agreement (PPA) with world-leading alumina provider Alumina do Norte do Brasil SA (Alunorte). The remaining volume will be sold in the Brazilian free enterprise.