Norwegian renewables provider Scatec has made the first drawdown of a non-recourse loan facility to partly finance a 531-megawatt solar power project in Brazil.

Oslo-based Scatec signed the US$243 million loan in November 2022, provided by IDB Invest, part of the Inter-American Development Bank Group, Banco Santander, and BNP Paribas.

Construction of the Mendubim photovoltaic power plant is continuing at a rapid rate, and overall progress has reached 34%, Scatec says.

Listed on the Oslo Stock Exchange, Scatec develops, builds, owns, and operates renewable energy plants, with 4.6 gigawatts in operation and under construction across four continents.

In mid-February the firm issued senior unsecured green bonds amounting to one billion kroner (US$95.8 million) to refinance the remaining US$93 million of a bridge facility established when Scatec acquired SN Power in 2021.

The new bonds, due in February 2027, would pay a coupon of three months NIBOR plus 660bp. DNB Markets, Nordea and SpareBank 1 Markets acted as joint lead managers. DNB Markets and Nordea acted as green bond advisers.