Scatec secures financing for Utah solar power facility

Scatec Solar has completed a financing agreement for $188 million to develop a solar power plant located in Utah

Norwegian company Scatec Solar ASA has secured financing for $188 million to develop a solar power plant located in Utah, according a company press release. The company plans to secure $157 million from lenders who were not disclosed and the rest from their tax equity and debt financing. Scatec expects the facility to be eligible for a 30 percent U.S. solar investment tax credit.

The Red Hills solar project is located on 650 acres of privately owned land in Parowan, Utah. It will have a 104-megawatt power generation capacity, which will be produced through about 325,000 ground-mounted photovoltaic solar modules.

Upon completion, it will be the first project Scatec retains ownership of in the U.S. and the largest project the company developed and constructed in North America, according to Scatec CEO Raymond Carlsen. The company also owns solar facilities in Rwanda, South Africa and the Czech Republic and has projects under development on four continents.

There is a 20-year power purchase agreement with Rocky Mountain Power for the energy generated by the Red Hills solar facility.

More information on the global solar energy market can be found at PennEnergy Research

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