March 29 (Renewables Now) - The Arab Investment and Development Authority, or AIDA, has signed a USD-2-billion (EUR 1.8bn) agreement with STC Energy to help develop some 170 MW of solar power plants in Ukraine, the Emirates News Agency (WAM) reported on Thursday.
The move, made in collaboration with the Ukrainian government, will not only boost the generation of clean green energy but also help reduce power costs in the billion figures, create more jobs, among other things, Adil Al Otaiba, AIDA's Chairman, added.
In addition to the photovoltaic (PV) plants, the agreement also entails cooperation in the agriculture and rural sectors, as well as improving cooperative programmes across the country.
Swiss Alpha Management is also part of this programme. The company was selected to act as the financial advisor and lead funding group for the portfolio, WAM noted.
(USD 1 = EUR 0.89)