The Norwegians are planning to continue their solar gain in Africa as Scatec Solar and the country’s overseas finance entity Norfund struck an agreement to jointly invest in solar project in developing countries.
The organizations have already worked together on four PV power plants in South Africa and Rwanda, and the partnership hopes to expand solar in countries that Norfund is already operating. Outside of South Africa and Rwanda, Norfund is present in Angola, Burundi, Kenya, Lesotho, Madagascar, Malawi, Mozambique, Namibia, South Sudan, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe. The firm also has regional offices in Johannesburg, Maputo, and Nairobi.
The agreement will see Scatec and Norfund investing together taking on a 70/30% share respectively in the JV. Scatec Solar CEO Raymond Carlsen said: “Our common objective is to contribute to the increased implementation of renewable energy in sub-Saharan Africa, and the project-to-project cooperation we have had so far has proved very successful. Long-term financing is the key enabler to any solar project and will reduce the risk in all phases of the project execution.”
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