GIEK is an important partner for us

– We greatly appreciate the good cooperation we’ve had with GIEK, and we have achieved a lot together. GIEK makes sure Norway is contributing to the crucial development of renewable electricity supply in developing countries. GIEK is an essential partner for us to succeed with our growth strategy for the period to 2020, says Scatec Solar CEO Raymond Carlsen.

GIEK’s guarantees are supporting Scatec Solar’s Aqua Fria project in Honduras, covering loans from Export Credit Norway up to USD 62 million. The buyer in Honduras is Proderssa, a company owned by Scatec Solar, Norfund and local partner PEMSA.

Agua Fria is part of a larger initiative under which the Honduran authorities plan to create several hundred megawatts of new renewable energy production capacity. The 60 MW power plant will make Honduras’ electricity production less dependent on imported fossil fuels. Today, fossil fuel combustion accounts for more than half the electricity produced in Honduras. The Central American nation has a goal of covering 60 per cent of its energy consumption from renewable sources by 2020.

This is an important and exciting project in GIEK’s commitment to renewable energy. We are proud to be able to assist the company by issuing a buyer credit guarantee to Export Credit Norway. GIEK can guarantee up to 90 per cent of an export credit if Norwegian deliveries account for at least 30 per cent of the export contract. In renewable projects, the guarantees can have terms of up to 18 years. GIEK has previously issued a variety of bond guarantees and buyer credit guarantees in connection with Scatec Solar projects in South Africa and the Czech Republic. Odd Solheim, GIEK customer relations officer, Renewable Energy