A bank consortium consisting of BNP Paribas, Nordea Bank and Swedbank provided new and expanded credit facilities for Scatec Solar. The consortium refinanced Scatec Solar’s current revolving credit facility and established a new $90 million ESG-linked revolving credit facility with a three-year tenor. Scatec Solar also secured a $75 million bank facility with tenor up to 18 months. Average interest rate margin for the two bank facilities is 280 basis points compared to 325 basis points for the revolving credit facility, which has now been replaced.
“We are very pleased to establish these expanded credit facilities with our relationship banks at attractive terms,” Raymond Carlsen, CEO of Scatec Solar, said. “This increases our financial flexibility, reduces our funding cost and enables us to continue to pursue attractive project opportunities in the renewable markets.”
Scatec Solar is a solar power producer.