Scatec Solar closes financing for 104 MW Utah plant

Search engine giant Google, Inc. (Mountain View, CA) will provide tax equity financing and Prudential Capital Group will provide debt financing in a $157 million package to support the development of Scatec Solar ASA’s Utah Red Hills Renewable Energy Park in Utah. Scatec Solar will provide another $31 million in sponsor equity for the plant, which will have a generating capacity of 104 MW. The ground-mounted solar photovoltaic (PV) facility is being developed on approximately 650 acres of privately owned land in Parowan, Utah, and will utilize 325,000 PV modules on a single-axis tracking system. Scatec Solar has signed a power purchase agreement (PPA) to deliver the facility’s output to PacifiCorp’s Rocky Mountain Power over the next 20 years.