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Norwegian Scatec Solar Developing 164 MW Of New Solar Plants In Utah & Honduras

The Norwegian solar energy project developer Scatec Solar will reportedly begin moving forward with 164 MW of new projects, as it has just secured financing for them.

The new solar PV project capacity will be split between two projects — a 104 MW PV power plant in Utah, and a 60 MW PV power plant down in Honduras.

Scatec Solar

Unsurprisingly, these two projects represent a significant addition to the company’s global energy portfolio — with the project/investment in Honduras also representing the company’s first move into the Central American market.

While the project in Utah — the 104 MW Red Hills PV power plant — represents the company’s first fully owned project in the US. The new financing arrangements for the project total ~$157 million, and the total investment costs of the project are ~$188 million. After its completion, the Red Hills project will be eligible for a 30% solar investment tax credit via US policy.

Commenting on said project, Scatec Solar’s CEO, Raymond Carlsen, stated: “We are pleased to finalize financing for the Red Hills project and begin construction of this first project in the US where we retain ownership. When complete, Red Hills will be our largest developed and constructed project in North America.”

The project is being developed on ~650 acres of privately held property in Parowan, Utah — and it will reportedly feature around 325,000 solar PV modules, mounted on single-axis trackers.

The project in Honduras is a similar story — the new financing arrangements total about $90 million, covering a large portion of the project’s total investment costs of around $125 million. Worth noting is the fact that Scatec Solar will be retaining a 40% stake in the project after finishing with its construction. The other 60% will be split into a 30% stake held by Norfund/KLP and a 30% stake held by PEMSA.

Said project is expected to be completed sometime during the second half of 2015.

Related: Solar Panel Prices Falling Fast Around The World (Number Fun)

Image Credit: Scatec Solar

 
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Written By

James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.

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