Daily News: July 8, 2019

FMO Leads $88MM Facility for Scatec Solar


Scatec Solar and its partners have closed financing for the 54 MW Boguslav project. Dutch development bank FMO, Green for Growth Fund (under FMO’s B Facility) and GIEK (providing an unfunded credit guarantee) have signed credit agreements for the non-recourse debt financing of the Boguslav project. The credit facilities amount to €38 million ($88 million) and covers up to 70% of the total project costs. The financing has been coordinated by FMO.

“We are proud to complete financing for our fifth solar power project in Ukraine. This is another confirmation of Scatec Solar’s strong foothold in the country where we together with our partners continue to support the growth of renewable energy. We are very appreciative of our relationship with this group of international financiers, who provide long term debt funding for the Boguslav project, says Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar will be the lead equity investor and is in the process of securing additional equity partners. The company will also be the Engineering, Procurement and Construction (EPC) provider and provide operation & maintenance as well as asset management services to the power plants. Construction has started with expected commercial operation in first half of 2020.