Scatec closes financing of 150MW Sukkur solar project

Scatec and local partner Nizam Energy have closed financing for the 150MW Sukkur solar power project in Sindh province, southeast Pakistan. Dutch development bank FMO and local lenders Faysal Bank, Bank of Punjab and PAK Kuwait Investment  have signed credit agreements for the non-recourse debt financing for up to 75% of the project. FMO will provide a credit facility of $39 million while the other lenders will supply PKR 6.7 billion ($42 million). The Sukkur project was awarded a costs-plus-tariff by the National Energy Power Regulatory Authority (NEPRA) early in 2020.