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Scatec draws down on US$243 million loan for Brazil solar project
Construction of 531MW Mendubim PV power plant continuing at rapid pace
Michael Marray 29 Mar 2023

Norwegian renewables provider Scatec has made the first drawdown of a non-recourse loan facility to partly finance a 531-megawatt solar power project in Brazil.

Oslo-based Scatec signed the US$243 million loan in November 2022, provided by IDB Invest, part of the Inter-American Development Bank Group, Banco Santander, and BNP Paribas.

Construction of the Mendubim photovoltaic power plant is continuing at a rapid rate, and overall progress has reached 34%, Scatec says.

Listed on the Oslo Stock Exchange, Scatec develops, builds, owns, and operates renewable energy plants, with 4.6 gigawatts in operation and under construction across four continents.

In mid-February the firm issued senior unsecured green bonds amounting to one billion kroner (US$95.8 million) to refinance the remaining US$93 million of a bridge facility established when Scatec acquired SN Power in 2021.

The new bonds, due in February 2027, would pay a coupon of three months NIBOR plus 660bp. DNB Markets, Nordea and SpareBank 1 Markets acted as joint lead managers. DNB Markets and Nordea acted as green bond advisers.

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