Scatec Solar announces fin close on 47-MW PV project in Ukraine

Norway’s Scatec Solar ASA (OSL:SSO) today announced financial close on a 47-MW solar photovoltaic (PV) project in Ukraine the total investment in which amounts to EUR 52 million (USD 59m).

The European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB) have agreed to provide EUR 36 million of non-recourse debt financing to cover 70% of the Rengy PV project cost. The amount is split equally between the banks.

Construction will start immediately and the solar farm in the Mykolaiv region will be operational next year, Scatec said. The Norwegian company has a 51% stake in the Rengy project and will be in charge of engineering, procurement and construction (EPC), operation and maintenance (O&M) and asset management. Its partner in the scheme with a 49% stake is Rengy Development Group, a company with 70 MW of completed projects in Ukraine.

The solar project is being realised under Ukraine’s feed-in tariff (FiT) programme with a 10-year contract. It will be producing roughly 58 GWh or solar power annually.

(EUR 1 = USD 1.14)

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