Scatec, Norfund to buy 53-MW solar project in Honduras

Norway’s Scatec Solar ASA and Norfund have agreed to buy the 53-MW Los Prados solar project in Honduras’ southern Choluteca region close to the Pacific coast.

Oslo-based solar power producer Scatec announced the deal on Wednesday, saying it will build, own and operate the USD-100-million (EUR 90.4m) facility. Norfund, in turn, will hold a 30% stake in the plant.

Scatec anticipates to achieve financial close for the project in early 2016. It expects to secure funds from the Central American Bank of Economic Integration (CABEI) and Export Credit Norway with guarantee from the Norwegian Export Credit Guarantee Institute.

Scatec will start certain construction activities right away and expects to connect the completed plant to the grid during the third quarter of next year.

Upon completion, the Los Prados solar park will be generating an estimated 110,000 MWh of electricity per year and some USD 15 million in annual revenues. It has a 20-year power purchase agreement (PPA) in place with Empresa nacional de Energía Electrica (ENEE).

(USD 1.0 = EUR 0.904)

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