Norwegian renewable energy developer, Scatec ASA, has reached financial close for the 142 MW Rio Urucuia Solar PV project, a major clean energy installation currently under construction in Minas Gerais, Brazil. The milestone marks a crucial step toward powering thousands of Brazilian homes with sustainable energy by mid-2026.
Financial Outlook on Scatec’s Rio Urucuia Solar Project
The company secured BRL 150 million (USD 27 million) in non-recourse project financing from Banco do Nordeste do Brasil (BNB). This accounts for about 30% of the project’s total cost of BRL 506 million (USD 91 million).
The remainder of the funding is through a EUR 25 million debt facility from Impact Fund Denmark. This also earmarks the fund to cover part of Scatec’s equity stake.
Project Factsheet
Location: Minas Gerais, Brazil
Capacity: 142 MW
Developer & Owner: Scatec ASA
Project Cost: BRL 506 million (USD 91 million)
Financial Close: 6 August 2025
Project Financing: BRL 150 million (USD 27 million) from BNB; EUR 25 million debt facility from Impact Fund Denmark
Power Offtake: 10-year PPA with Statkraft (75% of power); Remaining energy to be sold under various PPA terms
Construction Status: Underway
Expected Commercial Operation Date (COD): First half of 2026
Other Services by Scatec: EPC Management, O&M, and Asset Management
Power Offtake for the 142 MW Rio Urucuia Solar PV project in Brazil
The solar facility is being developed under a 10-year power purchase agreement (PPA) with Statkraft – a Norwegian hydropower company – which will buy approximately 75% of the power output. The remainder will be sold through short, medium, and long-term PPAs.
More on the Project
As of now, Scatec is the sole owner of the project. However, the company intends to bring in equity partners once the plant hits COD in 2026. This move is aimed at enhancing long-term returns.
Additionally, Scatec is also managing Engineering, Procurement, and Construction (EPC) for the plant under a limited scope. The company will also provide Operations & Maintenance (O&M) and Asset Management services thereafter.
The 142 MW Rio Urucuia Solar PV project by Scatec in Brazil also comes as the country deepens its commitment to renewable energy and aims to reduce its dependence on fossil fuels.
Also read: Brazil’s Green Ammonia Plant, H2 Cumbuco, Gains Momentum with FRV and Envision Energy Partnership
What Was Said
“Securing long-term financing for Rio Urucuia is an important step in delivering this high-quality project and further strengthening our position in Brazil,” said Terje Pilskog, CEO of Scatec. “Construction is progressing as planned, and we look forward to connecting our third solar project in Brazil in 2026.”. Terje added.
Scatec’s Play in the Rio Urucuia Solar Project in Brazil
Scatec’s growing presence in the region aligns with its global mission to deliver clean, affordable, and reliable energy in emerging markets. Once operational, Rio Urucuia will mark Scatec’s third solar power plant in Brazil, reinforcing the company’s strategic bet on Latin America’s green energy transition.
