Scatec hits FC on Barzalosa
Norway’s Scatec has reached financial close on a roughly US$85m senior secured project financing backing the 130MW Barzalosa solar farm in Cundinamarca.
Bancolombia and development bank Financiera de Desarrollo Nacional were lenders to the deal. Total capex is US$121m, for 70% leverage. Scatec holds 65% of the equity in the project that has been developed in partnership with Norfund, which will provide the remaining equity.
The project has a 15-year power purchase agreement with BTG Pactual Comercializadora de Energia, a Colombian energy trading subsidiary of Brazil’s Banco BTG Pactual. The PPA will cover approximately 85% of the estimated output, with the remainder to be sold in the Colombian market. The PPA will be denominated in pesos and inflation adjusted based on Colombia’s producer price index.
Scatec is the lead developer of the project and will be the designated engineering, procurement and construction provider with an EPC scope of approximately 70% of capex. Scatec will also provide operations and maintenance and asset management services for the plant. Commercial operation is expected in H1 2027.
