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Norway : SCATEC SOLAR makes investment in MALAYSIAN
Publish Date : 16-Dec-2016
Norwegian developer Scatec Solar will initially make investment in a pipeline of about 200MW in Malaysia.
The firm is added to a local ItraMAS-led consortium that will initially make investment of $300m in the three projects.
Scatec Solar are intending to spend $60m via preference shares that will be partly convertible to a 49% equity ownership in three projects situated in Merchang in the north, Jasin in the south and Gurun in the west of Peninsular Malaysia.
The firm will work as the engineering, procurement and construction (EPC) contractor.
The projects would produce nearly 285,000MWh of electricity per year, and reduce 210,000 tons of carbon emissions.
Malaysian commercial bank CIMB is to offer non-recourse project debt financing for the three projects, have 21-year power purchase agreements with local electric utility Tenaga Nasional Berhad (TNB).
This is a landmark opportunity to bring our wide-ranging expertise to realize the largest solar energy portfolio in South East Asia, said Scatec Solar CEO Raymond Carlsen. For Scatec Solar and our partners, this is a stepping stone to enter one of the most dynamic and fast growing regions of the world.
This is a significant achievement for Malaysia and the solar industry in the region as these projects will help develop local supply chains and uplift local communities, added ItraMAS CEO Choo Boo Lee.
