Norwegian renewables company, Scatec ASA, has achieved financial close on a 60 MW solar project, part of a larger 120 MW complex near Mmadinare, Botswana. This development involves a capital expenditure of BWP 1.5 billion ($108 million), primarily funded through BWP 1 billion in non-recourse project debt, with the remaining amount covered by equity from Scatec.
First National Bank of Botswana's Rand Merchant Bank division and the World Bank's International Finance Corp. are providing financing for the project, which will supply electricity to approximately 20,000 households. Scatec, fully owning the project, will handle engineering, procurement, construction, and management operations.
Scatec had previously signed a 25-year power purchase agreement for this venture. The recent capacity doubling underscores their commitment to enhancing Africa's renewable energy landscape, alongside other solar initiatives like a 100 MW facility in southern Botswana and an extensive project in Egypt.
Source: https://www.pv-magazine.com/2024/12/20/scatec-secures-financing-for-60-mw-of-solar-in-botswana/
