Oslo, December 29, 2014: Scatec Solar ASA (‘SSO’), the integrated independent solar power producer, has entered into financing agreements totalling USD 157 million for construction of the 104 MW Red Hills solar power plant in Utah, USA. Total investment for the plant is estimated at USD $188 million.
Scatec Solar developed the project as well as structured the project’s financing, which includes tax equity, debt financing, and sponsor equity. The project will be eligible for a 30 percent U.S. solar investment tax credit. All the sponsor equity will be provided by Scatec Solar.
“We are very pleased to finalize financing for the Red Hills project and start construction of this first project in the US where we retain ownership. When complete, the Red Hills solar plant will be Scatec Solar’s largest developed and constructed project in North America” says Scatec Solar CEO Raymond Carlsen.
The Utah Red Hills Renewable Energy Park will generate around 210 million kilowatt hours (kWh) of electricity per year, which will be fed into the grid under a twenty-year Power Purchase Agreement (PPA) with PacifiCorp’s Rocky Mountain Power. The ground-mounted photovoltaic solar facility is being developed on approximately 650 acres of privately-owned land in Parowan, Utah, will deploy approximately 325,000 PV modules on a single-axis tracking system and will interconnect to an existing transmission line.
For further information, please contact:
Mr. Raymond Carlsen, CEO, tel: +47 454 11 280 raymond.carlsen@scatec.com
Mr. Mikkel Tørud, CFO, tel: +47 976 99 144 mikkel.torud@scatec.com
About Scatec Solar
Scatec Solar is an integrated independent power producer, aiming to make solar a sustainable and affordable source of energy worldwide. Scatec Solar develops, builds, owns and operates solar power plants, and will in 2014 deliver power from 220 MW in the Czech Republic, South Africa and Rwanda. The company is in strong growth and has a solid pipeline of projects under development in Africa, US, Asia, Middle East and Europe. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’.
For more information on Scatec Solar, please visit our home page www.scatec.com