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Advising Scatec ASA on Project Bond, the refinancing of six solar projects in Egypt

  • Africa
  • Corporate - Deal alert
  • Energy and infrastructure


We have advised Scatec ASA, a leading Norwegian renewable energy solutions provider, and its partners on the refinancing of the non-recourse project debt for six solar power plants in Egypt with a total capacity of 380 megawatts (MW), through the issuance of a 19-year USD 334.5 million non-recourse Green Project Bond credit enhanced via a MIGA guarantee – the first innovative climate finance transaction of its kind in Africa.

The refinancing will provide increased leverage, extended tenor, and reduced interest costs, improving Scatec’s and its project partners’ future cash distributions from the power plants.

The refinancing also benefits from a Climate Bond certificate from the Climate Bond Initiative. This innovative climate finance transaction has been distributed to a consortium of development finance institutions, comprising the European Bank for Reconstruction and Development (EBRD), the US International Development Finance Corporation (DFC), the Dutch entrepreneurial development bank FMO and German Investment Corporation DEG, alongside private institutional investors from around the world.

Our team was led by Indraj Mangat, Partner, and comprised Victoria Quek, Legal Director, Winnie Ma, Associate, and Eunice Wong, Krishan Jadav, and Gianluca Newcombe.