Scatec Solar has joined forces with a local consortium to develop three photovoltaic plants totalling 200MW in Malaysia.
The projects have secured three 21-year power purchase agreements with the country’s largest electricity utility Tenaga Nasional Berhad.
A total of $300m will be invested in the plants, which are located in Merchang in the north, Jasin in the south and Gurun in the west.
Scatec’s share of the investment is about $60m through “preference shares partly convertible to a 49% equity ownership in the projects”.
It will carry out turnkey engineering, procurement and construction for the facilities.
The Malaysian consortium consists of ItraMAS, Maltech and Cam Lite, while local bank CIMB will arrange non-recourse project debt financing for the projects.
“All development, financing and project implementation preparatory activities are currently underway to reach timely financial close with the construction expected to begin immediately thereafter,” Scatec said.
Image: Scatec Solar
Scatec shines in Malaysia
Norwegians and local partners to develop three projects totalling 200MW
By EBS