Global menu

Our global pages

Close

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

  • Africa
  • Corporate - Deal alert
  • Energy and infrastructure

23-05-2022

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.

Indraj Mangat, Partner
Victoria Quek, Legal Director
Winnie Ma, Senior Associate

< Go back

Print Friendly and PDF

© Eversheds Sutherland 2023. All rights reserved. Eversheds Sutherland is a global provider of legal and other services operating through various separate and distinct legal entities.

Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed and affiliated firms and the members of Eversheds Sutherland (Europe) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements and operate in accordance with their locally registered names. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global LLP. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client.