Scatec to build 20-MW solar park in Lesotho

Norwegian clean power producer Scatec ASA (OSL:SCATC) will install a 20-MW solar photovoltaic (PV) plant in the Kingdom of Lesotho, Southern Africa.

The company announced on Thursday it has entered into an agreement with the local government and the Lesotho Electricity Company to build the country’s first independent power producer (IPP) solar plant.

Scatec will build, operate and majority own the PV park under a 25-year power purchase agreement (PPA). The company also signed the connection and implementation agreements with the local electricity company and the government.

The Renewable Energy Performance Platform (REPP) will fund the solar project. Scatec, Norwegian investment fund Norfund, startup One Power Lesotho, Izuba Energy and the Lesotho Pension Fund will act as equity co-sponsors.

Financial close is expected early next year, Scated pointed out in the press release.

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