UPDATE - Scatec Solar achieves fin close on 30-MW Ukrainian solar project

Scatec Solar ASA (OSL:SSO) of Norway has secured the needed funds for the 30-MW Kamianka photovoltaic (PV) project in Ukraine, construction of which will start in early 2019.

The project will receive non-recourse debt financing totalling EUR 24.5 million (USD 28m) from the European Bank for Reconstruction and Development (EBRD) and Dutch development bank FMO. The syndicated loan, arranged by the EBRD, will cover 70% of the overall project costs. It includes an A Loan of EUR 12.25 million by the EBRD and a B Loan of the same amount by FMO.

Scatec Solar is the lead equity investor. It said last week it is in the process of securing more equity partners. The company is in charge of the engineering, procurement and construction (EPC) works, operation and maintenance (O&M) and asset management.

Kamianka will require a total investment of EUR 35 million. Once up and running in the closing quarter of 2019, it will generate about 39 GWh of electricity annually. The park, built on leased public land in the Cherkassy region, will operate under the local feed-in-tariff (FiT) mechanism over a 10-year period.

(EUR 1 = USD 1.14)

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