Oslo-based solar power producer Scatec Solar ASA has raised EUR 250 million (USD 303.3m) in a senior green bond placement to partially support the recent acquisition of Norfund’s hydro business SN Power AS, among others.
The senior unsecured green bonds mature in August 2025 and bear a coupon of three months EURIBOR plus 250 basis points, Scatec said on Monday.
The power producer will use the fresh capital to refinance an outstanding bond and for projects considered to be in line with its green financing framework.
A portion of the funds will go to refinance the USD-400-million facility it used to buy the SN Power business. The USD-1.17-billion (EUR 964m) deal was completed at the end of January.
DNB Markets, Nordea and Swedbank were joint lead managers and green bond advisors, while SpareBank 1 Markets AS acted as joint lead manager in relation to the placement.
Source Renewables Now