Norway’s Scatec Solar and Norfund acquire solar project in Honduras

Scatec Solar ASA, a solar power development company from Norway, and Norfund, a private equity and venture capital firm, have agreed to acquire the 53 MW Los Prados solar power plant in Southern Choluteca region, Honduras. 

Scatec said yesterday it will build, own and operate the US$ 100 million facility with Norfund holding a 30% stake in the plant.

Financial close for the project is expected for early 2016. According to sources, the Central American Bank of Economic Integration (CABEI) and Export Credit Norway will finance the project.

Completion of the plant to the grid is expected during the third quarter of next year.

The electricity generated from the solar power plant will be sold to Empresa Nacional de Energía Electrica (ENEE) under a 20-year power purchase agreement.

Los Prados solar park will generate an estimated 110,000 MWh of electricity per year and US$15 million in annual revenues.