Scatec, Norfund sign partnership agreement

Renewable power developer Scatec Solar and the Norwegian Investment Fund for Developing Countries (Norfund) have signed a partnership agreement to jointly invest in renewable power projects. The agreement formalises the existing relationship between the companies, which has seen them co-operate to develop three power plants in South Africa – 40MW Linde, 75MW Kalkbult and 75MW Dreunberg – and an 8.5MW facility in Rwanda. The partnership will provide a framework for sharing information and involve the creation of a joint investment company which will be 70% owned by Scatec and 30% owned by Norfund.