Norwegian renewable energy company Scatec has secured long-term financing of 150 million Brazilian reals (about $27 million) for its solar photovoltaic project project under construction in Minas Gerais, Brazil. The plant, called Rio Urucuia, will have an installed capacity of 142 megawatts (MW) and is expected to enter commercial operation in the first half of 2026.
Key financing to move forward with solar plant
The loan has been granted by the Banco de Nordeste do Brasil (BNB) under a non-recourse (BNB) under a non-recourse scheme, covering approximately 30% of the total estimated project capital, amounting to 506 million reais (US$91 million). Scatec had previously obtained a €25 million credit line from Impact Fund Denmark, strengthening the financial structure prior to COD (Commercial Operation Date).
Seventy-five percent of the power to be generated at Rio Urucuia is backed by a ten-year PPA with Statkraft. The remainder will be marketed through short, medium and long-term agreements, providing flexibility to the project’s revenue strategy.
Total participation and comprehensive services
Scatec currently holds a 100% interest in the project, with the intention of bringing in financial partners once commercial operation is achieved. In addition to acting as owner, Scatec will also assume the role of EPC manager with limited scope, and will provide operation, maintenance and asset management services.
This will be the third solar project that Scatec connects in Brazil, consolidating its expansion strategy in Latin America. The region represents a significant part of its renewable energy portfolio. renewable projects, and this new stepand this new step strengthens its position as an independent power generator in emerging markets.
With this advance, Scatec reaffirms its commitment to sustainable development and energy transition in Brazil, betting on scalable investment models and long-term contracts.
Source and photo: Scatec
