July 8 (Renewables Now) - Oslo-based Scatec Solar ASA (OSL:SSO) has signed agreements for the non-recourse debt financing of the 54-MW Boguslav solar photovoltaic (PV) project in Ukraine.
The company secured credit facilities of EUR 38 million (USD 42.6m) for the EUR-54-million project it is currently building in the Kyiv region. The financial backers are Dutch development bank FMO, Green for Growth Fund and Norwegian government enterprise Garantiinstituttet for eksportkreditt (GIEK), Scatec Solar said Monday.
The solar farm, the Norwegian company’s fifth in Ukraine, will benefit from a ten-year feed-in tariff (FiT) and supply power beyond that period.
Scatec Solar will be the lead equity investor in the project and is looking to bring in additional equity partners. The company will also carry out engineering, procurement and construction (EPC), operation and maintenance (O&M) activities and provide asset management services.
Scatec Solar expects to start commercial operations at the site in the first half of 2020.
At present, the company is building 336 MW of projects in Ukraine.
(EUR 1.0 = USD 1.12)