Norwegian renewables developer Scatec has refinanced $37m of non-recourse project debt for the 39MW Dam Nai wind farm in Vietnam.
Scatec said the refinancing has achieved improved project return through a reduced interest margin and a covenant relief which allows for an immediate cash distribution of $6m.
The refinancing is being facilitated by Vietcombank, one of the largest commercial banks in Vietnam.
Dam Nai is 100% owned by Scatec and was part of the acquisition of SN Power in early 2021.
It is located in the Ninh Thuan province, approximately 350km north of Ho Chi Minh City, in the southern part of the south-east Asian country.
Scatec chief financial officer Mikkel Torud said: “We are very pleased with the improved financing terms and project returns resulting from the refinancing.
“This transaction is the result of our continuous efforts to improve value creation for our operating portfolio through financial optimisation.”