Scatec Solar has completed a round of refinancing through the issue of NOK 750 million in green bonds. The bonds will expire in November 2021.
Final settlement of the bond issue is still dependent on proposals being at a bondholders meeting set for November 6th. Scatec, however, states that it has bondholder support in favor of proposed changes.
The company states that the bond issue was significantly oversubscribed, and that an application will now be made for the bonds to be listed on the Oslo Stock Exchange. Funds raised will go towards refinancing an outstanding bond issue, which is set to mature in November 2018, and to funding Scatec Solar’s activities, as defined in the Green Bond Framework.
Scatec Solar has continued to increase its international presence in 2017, and is currently developing projects in Egypt, Malaysia and elsewhere. The company states that it has a project backlog and pipeline of more than 1.5 GW.