Scatec Secures Long-Term Financing for 142 MW Solar PV Plant in Brazil

Scatec ASA has secured long-term project financing for its 142 MW solar PV plant in Minas Gerais, Brazil. The non-recourse project financing comprises BRL 150 million (USD 27 million), provided by Banco de Nordeste do Brasil. The plant is expected to reach commercial operation in H1 2026. Scatec has also signed a 10-year power purchase agreement with Statkraft for approximately 75% of the expected power produced.

Oslo/Sao Paulo, 6 August 2025: Scatec ASA has successfully closed financial arrangements for its 142 MW solar PV plant currently under construction in Minas Gerais, Brazil. The project received non-recourse financing of BRL 150 million (USD 27 million) from Banco de Nordeste do Brasil (BNB). This funding represents 30% of the total estimated capital expenditure of BRL 506 million (USD 91 million) [1].

The solar plant is anticipated to achieve Commercial Operation Date (COD) in the first half of 2026. Scatec CEO Terje Pilskog commented, "Securing long-term financing for Rio Urucuia is a significant milestone in delivering this high-quality project and further strengthening our position in Brazil. Construction of the project is progressing as planned, and we look forward to connecting our third solar project in Brazil in 2026" [1].

Scatec has previously secured a debt facility of EUR 25 million from Impact Fund Denmark to partially fund its equity share in the project, bringing Scatec’s expected equity injection by COD to BRL 201 million (USD 36 million). The company has signed a 10-year power purchase agreement (PPA) with Statkraft for approximately 75% of the expected power produced. The remaining power will be sold under short, medium, and long-term PPAs [1].

Scatec holds a 100% ownership stake in the solar project, aiming to bring in equity partners post COD to enhance value creation. The company will also serve as the Engineering, Procurement, and Construction (EPC) manager, providing Operations & Maintenance and Asset Management services to the solar power plant [1].

This development aligns with Scatec’s strategy of accelerating access to reliable and affordable clean energy in emerging markets. The company is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’ [1].

References:
[1] https://www.streetinsider.com/Globe+Newswire/Scatec+secures+long-term+project+financing+for+Rio+Urucuia+in+Brazil/25153129.html