Scatec Solar to sell 40% in Ukrainian PV project to FMO

Solar panels. Featured Image: Jackiso/Shutterstock.com

June 4 (Renewables Now) - Oslo-based Scatec Solar ASA (OSL:SSO) has agreed to sell a 40% equity stake in the 32-MW Kamianka project in Ukraine to Dutch development bank FMO.

“We are working with FMO as a debt and equity partner on a range of new project opportunities in Ukraine and internationally and we expect more cooperation in the years to come,” said Raymond Carlsen, CEO of Scatec Solar.

The Norwegian company unveiled this a day after announcing the start of construction work on the 148-MW Progressovka solar project in Ukraine, which is being executed in collaboration with PowerChina Guizhou Engineering Co Ltd. Both projects fall under Ukraine’s 10-year feed-in tariff (FiT) scheme.

The Kamianka solar plant will require a total investment of EUR 35 million (USD 39.4m). It is financed by 70% non-recourse debt financing from the European Bank for Reconstruction and Development (EBRD), acting as lead arranger, and FMO.

Scatec Solar will build, operate and maintain the facility, making use of leased public land. The company initiated construction in early 2019 and expected to have the plant up and running in the final quarter of the year. Upon completion, the solar park will generate about 39 GWh per year.

(EUR 1.0 = USD 1.125)

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