Scatec secures IFC financing for more solar, battery leasing in Africa

Release by Scatec, the solar leasing business of Norwegian renewable power producer Scatec ASA (OSL:SCATC), has secured a USD-100-million (EUR 91.6m) loan from the World Bank’s International Finance Corporation (IFC) that will help deliver more clean energy in Africa.

Release provides movable solar and battery storage equipment to the mining and utilities sector, mainly in Africa, under short- or long-term contracts.

The loan, announced this week, is part of a large package that also includes a USD-65-million guarantee facility to underpin the payment obligations of Release’s customers, mitigating risks for Release.

The loan and guarantee package will be first used for a 35-MW solar and 20-MWh battery project in N’djamena in Chad, for which a lease contract has already been signed, Scatec said. The financing will also be applied to existing Release projects in Northern Cameroon of 36 MW of solar PV and 20 MWh of batteries. Currently, there are discussions with the utility on extending the capacity of these projects, according to the announcement.

“Our ambition is to deploy this replicable solution, in partnership with Release in multiple countries across sub-Saharan Africa within a short timeframe, allowing more people to benefit from the economic growth that comes with reliable, affordable access to electricity,” said Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure and Natural Resources, Africa.

(USD 1 = EUR 0.916)

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