Scatec, a Norwegian company specializing in renewable-energy systems, has signed an agreement to sell the Upington solar plants in South Africa for a contribution of NOK 569 million ($57 million). The buyer was not disclosed.
Concurrently, Scatec refinanced $100 million of its $193 million bridge-to-bond facility with a new term loan and maturity in fourth quarter 2027 provided by DNB, Nordea and Swedbank. The company also extended its $180 million revolving-credit facility provided by the same banks and BNP Paribas by 1.5 years with maturity in third quarter 2025.
“The fourth quarter and the start of 2023 have been busy in many aspects,” said Terje Pilskog, CEO of Scatec. “We increased proportionate power production EBITDA by 8 percent and continued to deliver on our growth strategy by progressing on our construction projects in Brazil, South Africa and Pakistan. In addition, we signed an agreement to sell Upington in South Africa and we will reinvest the procee