Oslo, April 5, 2018: Scatec Solar ASA, Norfund and partners have signed all project documents and are shortly expected to achieve financial close for three solar PV plants in South Africa totaling 258 MW.

The three projects involve a total investment of ZAR 4.76 billion. A consortium of commercial banks and DFIs with Standard Bank in the lead are providing non-recourse project finance of ZAR 3.68 billion, accounting for 77% of the total project cost. 

With this, Norfund has invested in over 1000 MW of solar power in developing countries. Most countries have considerable domestic solar, wind or hydro resources. Utilising these is essential to meet the rising energy demand and contribute to sustainable development.

Mark Davis, head of Norfund Clean Energy department

Scatec Solar will be the Engineering, Procurement and Construction (EPC) provider for the projects and provide Operation & Maintenance as well as Asset Management services to the power plants.

Construction start is expected in the third quarter of 2018 with grid connection towards the end of 2019. The plants are, on an annual basis, expected to produce 650 GWh of electricity and avoid about 550,000 tons of CO2 emissions.