An aerial view of the construction site being prepared for one of the three co-located energy storage projects. Image: Scatec.
Norwegian state-backed credit agency Eksfin is providing US$102 million in guarantees for three co-located energy storage projects in South Africa from renewable energy developer Scatec.
As Energy-Storage.news has previously reported, Scatec is delivering three projects in the Kenhardt region totalling 540MW of solar PV and 225MW/1,140MWh of energy storage, with construction starting at the end of July.
Export Finance Norway, or Eksfin, is providing a total financial risk reduction package of 1.2 billion NOK (US$102 million) for the project, which covers about 10% of the total project costs according to previous reports. Grid operator ESKOM procured the projects through its Risk Mitigation Independent Power Producer Procurement Programme…