Eksfin Provides $102 Million in Guarantees to Scatec for Solar + Storage Project

Scatec, a renewable energy solutions provider, secured NOK 1.2 billion (~$102 million) in financial risk reduction for combined solar power and battery plant project in the Northern Cape from export credit agency Export Finance Norway (Eksfin).

Scatec is set to build three power plants in the South African province with  540 MW of installed solar power and 225 MW of battery capacity. The combination of solar power and energy storage makes it possible to maintain a stable supply of clean electricity even when the sun is not shining.

Scatec has previously delivered six large power plants in South Africa with a total capacity of 448 MW.

“The world is at a crossroads amid the green shift and the energy crisis. Norway, as an energy nation, is well placed to play a central role in the development of renewable energy and reaching global climate goals. Eksfin and other Norwegian financial actors are important contributors in helping us get there. Eksfin has certainly been a crucial factor in our international expansion,” said Terje Pilskog, CEO at Scatec.

Earlier this month, Ib vogt, a renewable energy project developer, raised $90.4 million to construct a 135 MW solar project in Poland. BayernLB and Siemens Financial Services provided the investment through Siemens Bank. Commercial operation of the first section is expected in September 2022, and the entire project will be operational by the beginning of 2023.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.

Amp Energy, a renewable energy developer, secured financing of $155 million for its 61 MW and 6.5 MWh solar plus storage portfolio in Massachusetts and New York. U.S. KeyBank led the construction and term debt, with U.S. Bank investing the tax equity for the portfolio. This was the fourth transaction between the three parties since 2017. Of the 13 projects that make up the portfolio, the majority will reach commercial operation this year, with the balance occurring in Q2, 2023.