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ISS - Scatec Solar ASA: Scatec Solar secures USD 100 million project financing for solar power plants in Jordan

Company: Scatec ASA Date: 2014-11-10 Language: English Register to download

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 Scatec Solar ASA: Scatec Solar secures USD 100 million project financing for solar power plants in Jordan

# Scatec Solar ASA: Scatec Solar secures USD 100 million project financing for solar power plants in Jordan

  

  

  

  

  

Oslo, November 10, 2014: Scatec Solar ASA ('SSO') and its partners have entered  

into financing agreements totaling USD 100 million for the development and  

construction of three solar power plant projects in Jordan. The projects have a  

combined capacity of 43 megawatt (MW) and total investments are estimated to USD  

135 million.  

  

The projects have been developed jointly by Scatec Solar and its Jordanian  

partners, Quest Energy Investment LLC, European Jordanian Renewable Energy  

Projects LLC and Greenland Alternative Energy LLC. Scatec Solar will construct  

the plants and in addition provide operation and maintenance services when the  

plants are finalized and in operation.  

  

"Securing financing for the Jordanian projects is an important milestone for  

Scatec Solar, and an important contribution to meet our ambition of continued  

strong growth as an independent solar power producer. I am pleased to see that  

our approach to team up with local partners and strong finance institutions  

bring about such great results", says CEO Raymond Carlsen in Scatec Solar.  

  

Scatec Solar will own 70 percent of the 10 MW Oryx plant and 40 percent of the  

two other plants totaling 33 MW capacity. Completion of the plants is scheduled  

for the second half of 2015.  

  

Annual production from the three plant is estimated to 104,000 MWh, generating  

revenues of some USD 17 million per year. The electricity produced will be sold  

under a 20-year power purchase agreement with the National Electric Power  

Company (Nepco). All plants are located in the area nearby Ma'an City in  

southern Jordan.  

  

The debt financing will be provided by The European Bank for Reconstruction and  

Development (EBRD) and the French development agency Société de Promotion et de  

Participation pour la Coopération Economique (Proparco).  

  

  

For further information, please contact:  

Mr. Raymond Carlsen, CEO,          tel: +47 454 11 280  

raymond.carlsen@scatecsolar.com  

Mr. Mikkel Tørud, CFO,                  tel: +47 976 99 144  

mikkel.torud@scatecsolar.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 on Scatec Solar, please visit our home page www.scatecsolar.com  

  

  

  

This information is subject of the disclosure requirements pursuant to section  

5-12 of the Norwegian Securities Trading Act.  

  

  

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