Oslo Stock Exchange-listed Scatec Solar, an independent solar power producer, has commenced operations on its 65-megawatt photovoltaic power plant within the 1.8-gigawatt Benban Solar Park in Egypt.
In a stock market missive dated 11 April, 2019, the company revealed that along with its partners KLP Norfund and Africa 50, it had achieved grid connection and reached commercial operations for the solar plant that forms part of its total 400 MW capacity – distributed across six plants – within Benban.
Commenting on the development, Raymond Carlsen, chief executive officer of Scatec Solar said: “This [solar plant] is our first power plant with bi-facial solar panels, capturing the sun from both sides of the panels to increase the total clean energy generation.”
Once complete, the 400 MW plants will have an annual estimated electricity capacity of 870 GWh, sufficient to serve 420,000 households in the North African nation, and reduce 317,520 tonnes of CO2 emissions per year.
Scatec Solar expects to complete the construction of all six power plants in H2 2019.
According to a web statement dated 27 October, 2017, Scatec Solar and its partners had received non-recourse project finance of $350m – amounting to 75% of the six power plants’ capital expenditure – from a consortium of international development finance institutions.
Financiers included European Bank for Reconstruction and Development; United Nations’ Green Climate Fund; Netherlands Development Finance Company; Islamic Development Bank; and Islamic Corporation for the Development of the Private Sector.