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Scatec Solar and Norfund announce new renewable energy project agreement

Deal calls for partners to develop and invest in solar power projects in developing countries.

Scatec Solar, the integrated independent solar power producer, has signed a partnership agreement with Norfund, the Norwegian Investment Fund for Developing Countries, to jointly invest in solar power projects to be developed in all countries within Norfund's mandate. Under the terms of the deal, Scatec Solar will hold 70 per cent of the joint investment company, with Norfund holding the remaining 30 per cent. Investments will be made on a consensus basis in projects which meet the required return on capital employed.

Scatec Solar and Norfund have been partners in the realisation of four solar PV projects in Africa totaling 200 MW (three in South Africa and one in Rwanda). The partnership will provide a framework for collaborative project development, and joint investment and under the agreement Norfund and Scatec Solar will jointly realise projects in all countries within Norfund's mandate. 

We enter the partnership with Norfund with great expectations," said Raymond Carlsen, CEO of Scatec Solar. "Our common objective is to contribute to the increased implementation of renewable energy in Sub-Saharan Africa, and the project- to-project cooperation we have had so far has proved very successful. With the combined efforts of our two companies, we expect to realize more projects and a faster execution of each."

Norfund has extensive experience from successful investments in developing countries and will provide long- term capital, an extensive network in the Sub-Sahara regions as well as experience and competence from investing in this region. Meanwhile, Scatec Solar -- with its proven track record in the execution and management of solar PV projects -- will provide world-class solar PV competence, project development and executions skills. 

We are very pleased with the cooperation we have had with Scatec Solar in the realisation of four solar power plants, and this new agreement provides a solid foundation for more such projects in the future," said Norfund CEO Kjell Roland. "Norfund needs strong industrial partners like Scatec Solar in order to contribute to a sustainable development in poor countries. Our objective is to increase our investments and this type of long-term cooperation is a prerequisite for us to do so in a good and effective way."

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Energy efficiency  •  Energy infrastructure  •  Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity