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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Scatec Solar ASA    SSO   NO0010715139

SCATEC SOLAR ASA

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Scatec Solar : FMO - Second equity partnership with Scatec Solar for solar plant Chigirin in Ukraine

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11/22/2019 | 10:08am EST

FMO will take a 40% equity stake in Scatec Solar's 55 MW Chigirin project in Ukraine.

The total investment for the project is estimated at EUR 54 million and is funded by non-recourse debt financing from the European Bank for Reconstruction and Development (EBRD), The Nordic Environment Finance Corporation (NEFCO) and Swedfund. FMO's equity stake is financed by the Access to Energy Fund, which FMO manages on behalf of the Dutch government.

'We are pleased to announce this second equity co-investment with our long-term partner FMO. We are working with FMO as a debt and equity partner on a range of projects in Ukraine and internationally and we expect more cooperation in the years to come', says Raymond Carlsen CEO of Scatec Solar.

'After our first co-investment in the Kamianka solar plant, we are pleased to partner again with Scatec Solar. This second co-investment demonstrates to us the potential of renewable energy in Ukraine. Supporting Ukraine in transitioning to a low-carbon system, is aligned with our strategy to increase our green investments and mitigate climate change', says Linda Broekhuizen, Chief Investment Officer FMO.

Scatec Solar is the lead equity investor in the project with 60% ownership, while FMO holds the remaining 40%. Scatec Solar is also the Engineering, Procurement and Construction (EPC) provider and will provide Operation & Maintenance as well as Asset Management services to the power plant. Construction started mid 2019 with commercial operation expected mid-2020.

The project is being realised under Ukraine's 10-year Feed-in-Tariff scheme and is expected to produce about 65 GWh per year. Public land will be leased for an extended time-period and the solar power plant is expected to deliver power also beyond the Feed-in-tariff period.

Contact:

Mikkel Torud

Tel: +47 976 99 144

Email: mikkel.torud@scatecsolar.com

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (NOK)
Sales 2019 1 840 M
EBIT 2019 1 018 M
Net income 2019 24,8 M
Debt 2019 11 219 M
Yield 2019 1,18%
P/E ratio 2019 451x
P/E ratio 2020 28,7x
EV / Sales2019 12,9x
EV / Sales2020 7,78x
Capitalization 12 513 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 117,00  NOK
Last Close Price 100,00  NOK
Spread / Highest target 41,0%
Spread / Average Target 17,0%
Spread / Lowest Target -18,0%
EPS Revisions
Managers
NameTitle
Raymond Carlsen Chief Executive Officer
John Andersen Chairman
Mikkel Tørud Chief Financial Officer
Mari Thjømøe Independent Director
Jan Steffen Skogseth Independent Director
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