Scatec Solar agrees 83 MW of FiT-backed projects in Ukraine

Norwegian independent solar power producer Scatec Solar ASA (OSL:SSO) said today it has inked deals for two feed-in tariff (FiT)-backed solar projects in Ukraine with a combined capacity of 83 MW.

The solar parks, one of 33 MW and one of 50 MW, will be located in the Cherkassy region and will require a total investment of about EUR 85 million (USD 100m). Local municipalities will lease land for the developments.

Scatec Solar noted it will be looking to bring in additional equity partners for the projects. It has already started the project finance process, which is being led by the European Bank of Reconstruction and Development (EBRD). The solar plants will be benefiting from the FiT for a 10-year period.

Scatec Solar expects to achieve financial close on the two schemes later this year. Construction work should begin after that and be concluded in 2019. The Norwegian company will provide engineering, procurement and construction (EPC), as well as operation and maintenance (O&M) and asset management services, it said.

(EUR 1.0 = USD 1.181)

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