Scatec protects guarantees for 540-MW solar-storage project in S Africa

• Scatec ASA (OSL: SCATC) has actually secured NOK 1.2 billion (USD 122.1 m/EUR 122.1 m) in guarantees from Norway's state-backed export credit agency Eksfin on behalf of its project for 540 MW of solar power and 225 MW of battery storage space in South Africa, Eksfin announced on Tuesday.

The Oslo-based green power producer recently introduced the Kenhardt solar-plus-storage project in South Africa's Northern Cape province after authorizing power purchase contracts (PPAs) this summer for 150 MW created by the facility and getting to economic close.

Kenhardt will certainly be composed of three solar farms and also battery storage capacity of 1,140 MWh.

"We are proud to collaborate with Scatec, among the many renewable-energy business Eksfin has actually financed. Supporting solar power projects is critical at a time when the world desperately needs more clean power," Eksfin Managing Director Tone Lunde Bakker claimed in a statement.

Scatec possesses a 51% risk in the project and also functions as the EPC services provider. The continuing to be rate of interest is held by Cape Town-based H1 Holdings, Scatec's local Black Economic Empowerment partner.