Scatec GreenBond (IFC-46628)

  • Brazil
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Specific Location
Kenhardt (South Africa), Açu (Brazil)
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 22, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 22.48 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 222
Converted using 2022-12-22 exchange rate.
Project Cost (USD)
$ 101.25 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1000
Converted using 2022-12-22 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 16, 2023

Disclosed by Bank Mar 13, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated on the IFC's website,the proposed investment is for an IFC participation with an amount up to NOK222 million into Scatec ASA Green Bond issuance of NOK1,000 million. The 4-year senior unsecured Green Bond is to refinance a corporate debt facility availed for the acquisition of SN Power, a sizeable international hydropower developer, in January 2021 and support other eligible expenses under the Company’s green financing framework.
The use of proceeds from this IFC investment will be for two greenfield solar projects which include a number of sub-projects. These include:

(i) Scatec Solar RMI4P Project: This includes three greenfield solar photovoltaic plus storage power plants that form a part of the South African Risk Mitigation Independent Power Producer Procurement Program. Each plant will have a 50 MW net contracted capacity consisting of a 180 MW solar PV facility (installed capacity) combined with a 75 MW/380 MWh battery energy storage system (BESS). The three contiguous power plants are located on farmland approximately 80 km south of Upington and 20-30 km north-east of Kenhardt within the Kheis Local Municipality, Northern Cape Province, South Africa.

(ii) Scatec Mendubim Photovoltaic Complex: The project is a greenfield 453MW comprising 13 Photovoltaic Plants located in the municipality of Açu, in the state of Rio Grande do Norte, Brazil. The complex will consist of the Solar Power Plants; the Electric Substation; the Transmission Line; and the Construction Site, comprising a total area of 1,213.2 hectares.The off-taker for the projects will be the respective state distribution companies in each country where the projects are located. Scatec will be sole EPC-provider to all sub-projects apart from Mendubim where Scatec, Equinor (an international energy company committed to long-term value creation in a low-carbon future, headquartered in in Stavanger, Norway - and Hydro Rein, a subsidiary of Hydro Energy (  based in Norway, will be joint EPC-providers.                                   

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Scatec ( is a leading global renewable energy developer delivering affordable and clean energy worldwide. As a long-term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and battery storage solutions. The Company recently acquired SN Power, a leading hydropower developer with all its assets in emerging markets.

As of end-2021, Scatec had more than 3.3GW in operations on four continents and 600 employees and a target to achieve 15GW by 2025. The company is headquartered in Oslo, Norway and is listed on the Oslo Stock Exchange since 2014. 

Equinor ASA and Hydro Rein will be participating in the solar project in Mendubim, Brazil.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Equinor ASA Undisclosed Energy
- - - - Hydro Rein Undisclosed Hydropower
- - - - Scatec ASA Client Energy
- - - - SN Power Solutions Undisclosed Hydropower

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Client - Scatec ASA:

Andreas Austrell - VP Investor Relations
Phone: +47 480 85 500
Address: Askekroken 11, 0277 Oslo, norway


You can submit a request for information disclosure at:

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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