Photo: Sikwe Scarter on Unsplash
Norwegian company Scatec has reached financial close for its 189.7 MW photovoltaic portfolio in Romania, enabling it to start construction. Most of the planned capacity, in which Defic Globe is a minority shareholder, is supported by contracts-for-difference (CfDs).
The European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and Banca Comercială Română (BCR), part of Erste Group, led a financing deal for solar power projects that Scatec developed in Romania. Equinor is the Norway-based company’s largest shareholder.
Total capital expenditure – capex for the portfolio is EUR 121 million. Scatec said it would be financed through a combination of non-recourse project debt and equity, with a leverage of approximately 70%.
EBRD, which said that total planned capacity was 189.7 MW, allocated EUR 34 million, the same as the EIB. BCR committed EUR 17.3 million in long-term financing, alongside some other items.
“Reaching financial close and starting construction of our first projects in Romania is an important step and confirms the attractiveness of the Romanian market and the strength of the CfD framework. With long-term revenue visibility and a robust financing structure in place, the projects are well positioned for construction and delivery. We look forward to advancing the projects together with our partner Defic Globe and contributing to Romania’s energy transition,” said Chief Executive Officer Terje Pilskog.
Scatec won 15-year CfDs at Romania’s first auction
Fifteen-year CfD contracts for 70% of production, covering two out of the three projects, were awarded through Romania’s first auction. Scatec plans to sell the rest in the wholesale market. The sites are in the country’s south: in the commune of Dobrun in Olt county and in Sadova in Dolj.
The part covered by CfDs amounts to 127.8 MW, while the plant operating under full merchant exposure is envisaged to have 61.9 MW, according to EBRD.
Defic Globe is in charge of EPC
Defic Globe holds 35% of the portfolio. It is a Turkish joint venture, owned by YEO Technology (YEO Teknoloji Enerji ve Endüstri), at 51%, and Emsolt Investments. Defic Globe is tasked with turnkey engineering, procurement and construction (EPC) services, the update reads.
The project firms are called Solar World, RB Solar Energy and Energie Soleil.
Scatec will procure key components corresponding to approximately 35% of total capex. It is also in charge of operations and maintenance (O&M) and asset management. Commercial operation date is expected in the second half of 2027, the Norwegian company revealed.
Listed on the Oslo Stock Exchange, it has 6.2 GW in operation and under construction across five continents.
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