Scatec Solar and partners have closed financing for the 47MW Redsol project in Northwest Malaysia with a total investment of approximately USD 47 million. BNP Paribas will provide the non-recourse project finance facility for the project, covering 73% of the project cost.
The solar power plant is expected to deliver 67GWh of electricity per year with annual revenues of approximately USD 6 million. The project is being realised in a consortium with Fumase (Malaysia) Sdn Bhd. The Redsol project was awarded under Malaysia's second large scale solar tender round in December 2017.
"With this project we continue to strengthen our position as the leading solar IPP in Malaysia and as a long-term partner to meet the country's renewable energy targets", says Raymond Carlsen, CEO of Scatec Solar.
Scatec Solar will provide 100% of the project's equity. In addition, the company is turn-key EPC provider and will be providing Operation & Maintenance as well as Asset Management services to the power plant. Construction will start imminently with grid connection expected in fourth quarter 2019.