Scatec passes 1 GW mark with new Ukraine & Egypt projects
Norwegian independent power producer Scatec Solar has passed the 1 GW mark for total installed generation capacity following the completion of new sites in Ukraine and Egypt. The company now boasts a total project capacity of 1,128 MW with a further 776 MW currently under construction across four continents.
The company completed the 47 MW Rengy project in Ukraine. The site will operate under Ukraine's feed-in tariff (FIT) scheme until 2030 and will continue to operate beyond the tariff's expiry as the lease on the public land on which the project stands goes on for a longer period.
“We are very proud to have started commercial operations in Ukraine just 13 months after securing the project,” said Scatec CEO Raymond Carlsen. “The solar power plant will deliver clean energy to around 15,000 households.”
The Ukrainian "green tariff" scheme offers generous subsidies €0.1502 per kWh, paid in the national currency hryvnia. The country's FIT scheme,due to close next year, guarantees payments to 2030 and is intended to provide greater certainty for long-term planning in what was until recently a relatively uncertain market.
Scatec Solar has also made progress in developing the large Benban solar park in Egypt. The developer recently began commercial operations at its fifth 65 MW solar site at the world's largest solar complex. Scatec now has a total of 325 MW at the site and expects its final section of the project to completed within months for a total 390 MW capacity at Benban.
“The Benban solar power plant will be Scatec Solar’s largest project in operation and is the company’s first solar plant with bifacial solar panels,” read a statement issued by Scatec.
In April 2017, the Egyptian government signed a 25-year power purchase agreement with Scatec for six plants with a total 400 MW of production capacity. Aggregate investment in the Benban solar field has been estimated at $450-million (€411-million), with Scatec providing $50-70-million (€45-63-million) of that in equity. The company worked with Egyptian developers and KLP Norfund Investments to secure additional equity investment and also drew upon a consortium of lenders led by the European Bank for Reconstruction and Development.
Scatec said expected revenue from the projects over 25 years has been estimated at $60 million (€54.8-million).
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