Scatec switches on 162 MW solar plant in Brazil

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From pv magazine LatAm

Norwegian solar developer Scatec Solar has announced the completion of its 162 MW Apodi solar project in Brazil.

The plant, which was built through a 50/50 joint venture with Norway’s oil company Equinor, is 43.75% owned  by Scatec, 43.75% by Equinor and 12.5% by holding company Apodi Participações, formed by the Brazilian companies Z2 Power, Pacto Energia and Kroma Energia.

The project was selected by the Brazilian regulator ANEEL in the country’s second renewable energy auction, which was held in 2015 and was awarded a 20-year PPA with CCEE, the Brazilian Power Commercialization Chamber.

“We have successfully realized our first solar power plant in Brazil and yet again confirming our strong track record as an independent solar power producer,” said Scatec CEO Raymond Carlsen in a statement released. “We see significant potential for further growth in Brazil and other parts of Latin America, and we will soon start construction of a new 117 MW solar plant in Argentina in partnership with Equinor,” he added.

Spanish single-axis solar tracker manufacturer,Soltec supplied 5,368 units of its SF7 tracker for the $215 million project. Equinor, meanwhile, provided $25 million in equity funding for its realization, while Scatec secured further funds for the project through a project financing structure with approximately 65% debt leverage. A loan of BRL 477.4 million (US$123.7 million) also came from Brazilian financial services provider Banco do Nordeste, the largest shareholder of which is the Brazilian Federal Government.

“Scatec Solar now holds 519 MW of solar power plants in operation, 895 MW under construction and about 4.5 GW in project backlog and pipeline,” continued the statement.