The renewables business formerly known as Scatec Solar has added a 2.5 GW hydropower portfolio in Asia and sub-Saharan Africa and also added its first wind farm while reporting a consolidated loss of almost $43 million for the year.
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 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.
In every corner of the globe, markets are experiencing an increasing need for capital to back renewable energy assets. Apart from conventional loans, bonds and equity schemes, Shariah-compliant financing instruments, such as Sukuk, serve as a catalyst for funding PV projects, Deloitte finds.
The association that represents developers operating at the 1,465 MW solar project in Egypt – due for completion in June – say they have been told nothing about a rumored rise in investment costs caused by more expensive construction materials.
Two PV plants totaling 83 MW will be constructed by the Norwegian developer in the Cherkassy region.
Prodiel will begin construction on the 162 MW PV plant, developed by Norway’s Scatec Solar and Statoil, “imminently”. The US$215 million project is expected to be operational in Q4 2018.
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