Scatec, a renewable energy solutions provider, secured BRL 150 million (~$27 million) non-recourse project financing for the development of a 142 MW solar project in Minas Gerais, Brazil. The funding was provided by Banco de Nordeste do Brasil.
The solar project is currently under construction and is expected to reach commercial operation date in the first half of 2026.
The financing package is 30% of the total estimated capital expenditure of BRL 506 million (~$91 million).
Scatec owns a 100% stake in the solar project and aims to bring equity partners on board upon reaching the commercial operation date. The company will be the engineering, procurement, and construction manager for the project, with a limited contract scope. Scatec will also provide operations & maintenance, as well as asset management services for the project.
The project benefits from a 10-year power purchase agreement with Statkraft for approximately 75% of the power produced. The remaining electricity is expected to be sold under short, medium, and long-term power purchase agreements.
Previously, the company has secured €25 million (~$29 million) in debt financing from Impact Fund Denmark to partially fund the company’s equity share in the project, bringing its expected equity injection by commercial operation to BRL 201 million (~$36 million).
“Securing long-term financing for Rio Urucuia is an important step in delivering this high-quality project and further strengthening our position in Brazil. Construction of the project is progressing as planned, and we look forward to connecting our third solar project in Brazil in 2026,” says Scatec CEO Terje Pilskog.
In June, the company secured $479.1 million of non-recourse project financing to develop the Obelisk hybrid solar and battery storage project located in Egypt. The project has a total capacity of 1.1 GW Solar and 100 MW/200 MWh battery energy storage and will be constructed in two phases.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
