Norway’s Scatec Solar signed a 25-year power purchasing agreement with the Electricity Ministry to supply energy from six solar power plants with a combined production capacity of 400 MW, reNEWS reports. Scatec will provide equity of USD 50-70 mn for the USD 450 mn project. Unnamed local developers and KLP Norfund Investments are also expected to contribute equity, while a consortium of banks led by European Bank for Reconstruction and Development is expected to provide USD 350 mn. We had reported yesterday that Scatec’s regional director Morten Langsholdt said the company is planning on establishing 40 solar power plants to generate 1800 MW by 2018, and would invest USD 500 mn in solar projects in October.

Tags: