Norway-based Scatec ASA has refinanced USD37 million of non-recourse project debt for its Dam Nai wind farm in Vietnam
The refinancing operation, facilitated by Vietcombank, enabled Scatec to achieve improved project return through a reduced interest margin and a covenant relief, allowing for an immediate cash distribution of USD 6 million. Dam Nai is a 39-MW wind farm located in Ninh Thuan province. Scatec ownedthe wind farm after acquiringSN Powerfrom Norfund, the Government of Norway’s investment fund for developing countries, in early 2021. Dam Nai was SN Power’s first wind energy investment.