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Norway's Scatec refinances 6 solar power plants in Egypt via green bonds

Norway's Scatec refinances 6 solar power plants in Egypt via green bonds
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Cairo - Mubasher: Scatec, a Norwegian renewable energy solutions provider, has refinanced six solar power plants in Egypt through the issuance of a 19-year non-recourse green project bond worth $334.5 million.

The refinancing will enhance the future cash distributions of Scatec and its project partners from the power plants, which have a total capacity of 380 megawatts (MW), according to a press release on Thursday.

The climate finance transaction will be managed by a consortium of development finance institutions, including the European Bank for Reconstruction and Development (EBRD) and the US International Development Finance Corporation (DFC).

The CFO of Scatec, Mikkel Tørud, said: "With this innovative green transaction, we have gained access to the international debt capital markets for project financing, improved our financing terms and supported Egypt’s ambition to become a green hub in the Middle East."

The Egyptian Minister of Electricity, Mohamed Shaker, said: "The refinance is being granted for six operational photovoltaic power plants participating with capacity 380 MW in the Benban Solar Park with total capacity 1,465 MW, initiated as part of the Egyptian government’s ambitious Sustainable Energy Strategy for the period ending 2035."