Scatec secures financing for 60 MW of solar in Botswana
Norwegian renewables developer Scatec has reached financial close for the second 60 MW solar plant of its 120 MW Mmadinare solar complex in Botswana.
The estimated total capital expenditure for the 120 MW project is BWP 1.5 billion ($108 million). The solar plants will be financed by BWP 1 billion of non-recourse project debt and the remainder by equity from Scatec.
Financing for the projects will be provided by the First National Bank of Botswana, through its Rand Merchant Bank division, and the World Bank’s International Finance Corp.
The project will be located near Mmadinare, 400 km northeast of the capital Gaborone, and will produce enough power to serve approximately 20,000 households per year.
Scatec owns 100% of the project and will be the designated engineering, procurement and construction company, as well as asset manager and operations and maintenance service provider. Construction and operation of the power plants will be managed by Scatec’s operations in South Africa.
Scatec signed a binding 25-year power purchase agreement (PPA) for a 60 MW solar PV facility in Botswana's Mmadinare district in August 2022. It was awarded a 60 MW expansion of the project in the third quarter of 2023, taking the total capacity to 120 MW.
“By doubling the total capacity of the solar power plant, we demonstrate the effectiveness of our strategy, robust business model and drive to contribute to the green energy transition in Africa,” said Scatec CEO Terje Pilskog.
According to figures from the International Renewable Energy Agency (IRENA), Botswana had just 6 MW of installed solar at the end of 2023. In August, state-owned Botswana Power Corp. signed a power purchase agreement for the development of a 100 MW solar plant in the southern part of the country.
In September, Scatec revealed it had signed a 25-year PPA for a 1 GW solar array and 100 MW/200 MWh battery storage project in Egypt.
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