Scatec Solar secures financing for 164 MW of PV projects

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Norwegian solar company Scatec Solar has announced this week that it has secured project financing for two large-scale solar PV developments in the U.S. and Central American nation, Honduras.

At 104 MW and 60 MW respectively, these two PV projects represent a sizeable addition to Scatec Solar’s global portfolio, with the Honduras plant the first foray for the company into the growing Latin America market.

The U.S. project, located in Utah, is the 104 MW Red Hills solar power plant. Financing agreements for the installation totaled $157 million, with total investment costs estimated at $188 million. The development represents Scatec Solar’s first wholly owned project in the U.S.

Scatec Solar has developed the project and its financing, which includes tax equity, debt financing and sponsor equity. Once completed, the Red Hills solar park will be eligible for a 30% U.S. solar investment tax credit.

“We are pleased to finalize financing for the Red Hills project and begin construction of this first project in the U.S. where we retain ownership,” said Scatec Solar CEO Raymond Carlsen. “When complete, Red Hills will be our largest developed and constructed project in North America.”

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