Scatec ASA has reached financial close for its 142 megawatt (MW) solar PV plant currently under construction in Minas Gerais in Brazil. The non-recourse project financing comprises BRL 150 million (USD 27 million), to be provided by Banco de Nordeste do Brasil (BNB). The financing amount corresponds to 30% of the total estimated capital expenditure of BRL 506 million (USD 91 million). The solar plant is expected to reach Commercial Operation Date (COD) in the first half of 2026.
“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.
Scatec has previously secured a debt facility of EUR 25 million from Impact Fund Denmark to partially fund Scatec’s equity share in the project, bringing Scatec’s expected equity injection by COD to BRL 201 million (USD 36 million). Scatec has signed a 10-year power purchase agreement (“PPA”) with Statkraft for approximately 75% of the expected power produced. The remainder is expected to be sold under short, medium, and long-term term PPAs.
Scatec holds a 100% ownership stake in the solar project, with the aim to bring in equity partners once COD has been reached, to further enhance value creation. Scatec will also be the EPC manager for the project, with a limited contract scope. Scatec will further provide Operations & Maintenance and Asset Management services to the solar power plant.
