Oslo, October 28, 2015: Scatec Solar and Norfund have signed a share purchase agreement to acquire the 53 MW Los Prados solar project in Honduras. The project have secured a 20-year Power Purchase Agreement (PPA) with Empresa nacional de Energía Eléctrica (ENEE), the government-owned utility. Located in the southern Choluteca region close to the Pacific coast, the solar power plant is expected to provide about 110,000 MWh annually to the grid, generating revenues of about USD 15 million per year.
“With this new project, we are further strengthening our position in the Honduran and Latin American solar market. It is great that we can build on the 60 MW Agua Fria project to execute another 53 MW in the country.” said Raymond Carlsen, CEO of Scatec Solar.
Scatec Solar ASA will build, own and operate the power plant. The equity will be owned 70 percent by Scatec Solar and 30 percent by Norfund. Total capital expenditure is estimated to USD 100 million and will be funded by 75 percent non-recourse project finance debt. Project financing is expected to be provided by the Central American Bank of Economic Integration (CABEI) and Export Credit Norway with guarantee from the Norwegian Export Credit Guarantee Institute.
Financial close is expected in early 2016. Certain construction activities will start immediately while grid connection of the plant is expected in the third quarter 2016.
For further information, please contact:
Mr. Raymond Carlsen, CEO, tel: +47 454 11 280, raymond.carlsen@scatec.com
Mr. Mikkel Tørud, CFO, tel: +47 97699 144, mikkel.torud@scatec.com
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.
Currently, the company is producing electricity from 279 MW of solar power plants in the Czech Republic, South Africa, Rwanda and Honduras. Construction of additional 147 MW solar power plants in the USA and Jordan is under way.
With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’.
To learn more, visit www.scatec.com