Norwegian renewables developer Scatec refinances 39-MW Dam Nai wind farm in Ninh Thuan province, Vietnam
Norwegian renewables developer Scatec ASA (OSL:SCATC) has refinanced USD-37-million (EUR 34.4m) of non-recourse project debt for its Dam Nai wind farm in Vietnam, the company said on Monday.
The refinancing operation, facilitated by Vietnamese commercial lender Vietcombank, enabled Scatec to achieve improved project return through a reduced interest margin and a covenant relief, allowing for an immediate cash distribution of USD 6 million.
Dam Nai is a 39-MW wind farm located in Ninh Thuan province, some 350 kilometres (217.5 miles) north of Ho Chi Minh City. Scatec came to own the wind farm after acquiring hydropower company SN Power AS from Norfund, the Norwegian government’s investment fund for developing countries, in early 2021. Dam Nai was SN Power’s first wind energy investment.
(USD 1.0 = EUR 0.931)