Renewable energy solutions provider Scatec ASA has received NOK 1.2 billion in financial risk mitigation funding from state-backed export credit agency Norwegian Export Finance Corporation (Eksfin) for a combined solar/battery plant project in the Northern Cape.
Scatec plans to build three power plants in the South African province with a total installed capacity of 540 MW and a battery capacity of 225 MW. This will be the largest investment in Scatec's history and one of the largest such projects in the world. The combination of solar energy and energy storage allows for a steady supply of clean electricity even when the sun is not shining.
Since 2010, Eksfin has been at the heart of de-risking during Scatec's international expansion. It has secured a total of NOK 7 billion for the company's projects around the world, not only in South Africa, but also in Egypt, Brazil, Malaysia, Pakistan, Czech Republic, Honduras and Ukraine. Guarantees help improve the financial capacity of the project, allowing Scatec to grow at a faster rate than it would otherwise.
With a significant organisation in Cape Town, Scatec has previously delivered six large power plants in South Africa with a total capacity of 448 MW. The total capital expenditure involved in the current solar/battery project is close to $1 billion and will significantly increase the use of renewable energy in the country.
