Scatec and its partners Equinor and Hydro Rein have started building the 531 MW Mendubim solar project in the state of Rio Grande do Norte in Brazil. The consortium has signed a 20-year US$-denominated power purchase agreement (PPA) with Alunorte, for about 60% of the expected power produced. The remaining volume will be sold in the Brazilian power market. The project, which is expected to reach financial close by the end 2022, requires a total investment of US$430m, provided by a mix of non-recourse project debt and equity from partners. Financial close and the first disbursement of project finance debt are expected within the end of 2022. Scatec, Equinor and Hydro Rein have an equal economic interest of 33.3% in the solar plant. Commissioning is scheduled in 2023.
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