Scatec Mobilizes Funding for Upington Solar
Thursday April 12, 2018  Printer Friendly Email this article

Scatec Solar has announced that it has completed the mobilization of financing for the construction of the Upington Solar Power Plant in South Africa. The infrastructure, with a capacity of 258 MW, will have an implementation cost estimated at 4.76 billion South African rand (approximately $ 395 million).

A consortium of banks and development finance institutions, led by Standard Bank, has provided the project with an envelope of 3.68 billion rand, or 77% of its total cost, reports Nasdaq.

The construction of the plant is scheduled to start, by Q3 2018, and be completed by the end of 2019. The plant will have an annual output of 650 GWh and will allow it to avoid the emission of 550,000 tonnes of CO2 each year.

This installation will be completed according to the clauses of the original contract concluded in 2015. This plant is indeed part of the projects whose implementation had been slowed by Eskom, the state company in charge of the electrical supply.

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