Scatec Solar

Work is underway on a 1.1 GW solar project with 100 MW/200 MWh of accompanying battery energy storage in Egypt. The first phase of the project is scheduled for commercial operation during the first half of next year.

Norway’s Scatec ASA has reached financial close on a 60 MW solar plant in Botswana. The project will be developed as section of a broader 120 MW complex in the central part of the country.

Norwegian developer Scatec is selling a proportion of its interest in three solar power plants in South Africa and has completed the sale of its entire stake in a Rwandan facility. It says the agreements will finance further growth opportunities.

In this edition of the Weekend Read, we turn to Egypt. The gigawatt-scale Benban project showcases the North African country’s solar potential, and premium prices for gas exports make the case for a more diverse energy mix. A nation with grand renewables targets – but slow installation rates – may finally be weaning itself off fossil fuel resources.

Shares in the Norwegian renewables company have been trading below the $26 price linked to a recent $527 million fundraising issuance which the developer launched to fund its planned acquisition of hydropower business SN Power.

The 24-day, digital 2020 Africa Energy Forum kicked off on October 20. The event brings together African energy sector officials to identify opportunities, air their views, form partnerships, and take the necessary steps to improve the industry. For solar, challenges in policy making, procurement processes and the effects of the Covid-19 pandemic were discussed, as well as emerging trends such as solar digitalization.

The Norwegian renewables company has already raised $300 million of the $700 million, one-year funding it has shouldered to acquire hydro business SN Power from state-owned Norfund.

The renewables business is set to acquire the SN Power hydropower operator belonging to Norwegian state-owned private equity business Norfund, with the $1.17 billion deal expected to go through in the first half of the new year. Scatec said the transaction could offer floating solar opportunities.

Sources connected to developers at the site confirm the figure has been agreed with the Egyptian Electricity Transmission Company but said it was still subject to change. The utility is seeking raised contributions from renewables companies to cover what it says were rises in building material costs.

While it has seen little fallout for its operating PV assets, the Norwegian solar developer says the coronavirus pandemic has started to affect construction, commissioning and testing of some of its new solar plants.