Norwegian developer Scatec is due to sign US$46m-equivalent debt financing for the US$60m 50MW Selebi Phikwe PV plant in Botswana. The financing will include up to US$24m from the IFC comprising a US dollar tranche and a pula-denominated portion, plus P300m (US$22.2m) to be syndicated by the IFC to South Africa's Rand Merchant Bank. The remaining US$14m will be covered by equity from Scatec.
The Selebi Phikwe PV project was awarded to Scatec in August 2021 after a competitive tender launched in October 2020 by the Botswana Power Corporation. Scatec signed a 25-year power purchase agreement with BPC last August. The 121-hectare project covers a former mining site in eastern Botswana. The PV plant will interconnect to the 220kV transmission line between Selebi Phikwe and Phokoje substation, which is part of the Southern African Power Pool on its north-south 400kV transmission backbone.
