Scatec refinances 190 MW of co-owned solar farms in S Africa

• Norwegian green power producer Scatec ASA (OSL: SCATC) has actually re-financed the non-recourse debt facilities tied to three running solar farms completing 190 MW it co-owns in South Africa.

In a press release on Thursday, Scatec said that its share of proceeds from the refinancing stands at ZAR 540 million (USD 36.6 m/EUR 33.3 m) based on its 45% ownership in the solar farms Kalkbult, Dreunberg as well as Linde.

The 75-MW Kalkbult was linked to the grid in 2013, while the 75-MW Dreunberg as well as the 40-MW Linde came into procedure a year later on.

Scatec closed the refinancing with the existing lending institutions.

"Key changed terms include boosted debt amounts, minimized margins, enhanced tenors, and release of cash from debt reserve accounts, implying small effects to anticipated future dividends from the power plants," the Norwegian company said in the statement.