Norwegian renewable energy solutions provider Scatec has finalised financing for its 142MW Rio Urucuia solar photovoltaic plant in Minas Gerais, Brazil.
The project, which is expected to become operational by mid-2026, will receive BRL150m ($27m) from Banco de Nordeste do Brasil.
The funding covers 30% of the total project cost of BRL506m ($91m) and represents a significant step in Scatec’s renewable energy expansion in the region.
Scatec has entered a ten-year power purchase agreement with Statkraft, covering 75% of the plant’s output, to facilitate the sale of the energy produced.
The remaining power will be sold through several power purchase agreements.
Scatec, which currently holds full ownership of the project, plans to introduce equity partners after the plant reaches commercial operation to enhance value creation.
Scatec CEO Terje Pilskog said: “Securing long-term financing for Rio Urucuia is an important step in delivering this high-quality project and further strengthening our position in Brazil.
“Construction of the project is progressing as planned and we look forward to connecting our third solar project in Brazil in 2026.”
Recently, Lyra Energy Trading, a division of Lyra Energy and a partner of Scatec, secured an electricity trading licence from South Africa’s National Energy Regulator.
The approval allows Lyra to supply clean energy to the country’s commercial and industrial sectors, marking its entry into South Africa’s Wholesale Energy Market.
The company aims to offer flexible, short-term power purchase agreements to support energy transition goals.
Launched in 2024, Lyra Energy is supported by Scatec and STANLIB Asset Management as strategic partners.
With its new trading licence, Lyra will offer renewable energy solutions that align with decarbonisation efforts and green energy procurement, competing on price.
