Scatec ASA has achieved financial close for its 142 MW solar photovoltaic project in Minas Gerais, Brazil, marking a key step toward the project’s expected commercial operation in the first half of 2026.
The project secured BRL 150 million (USD 27 million) in non-recourse financing from Banco do Nordeste do Brasil (BNB), representing 30% of the project’s total estimated capex of BRL 506 million (USD 91 million). Additionally, Scatec previously received a EUR 25 million loan from Impact Fund Denmark to support its equity commitment, with the company’s total equity injection expected to reach BRL 201 million (USD 36 million) by COD.
Scatec has signed a 10-year power purchase agreement with Statkraft for around 75% of the plant’s expected output. The remaining energy will be marketed through a mix of short-, medium-, and long-term contracts. Holding full ownership of the project, Scatec plans to onboard equity partners post-COD to optimize value.
Scatec will act as EPC manager with a limited scope and will also provide long-term operations and maintenance, as well as asset management services for the facility.
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