UPDATE - Scatec Solar wraps up financing for 55-MW PV project in Ukraine

Oslo-based green energy firm Scatec Solar ASA (OSL:SSO) has reached financial close on a 55-MW solar project in central Ukraine, which will be realised under the country’s 10-year feed-in tariff (FiT) programme.

The company said Friday it has secured EUR 37 million (USD 42m) of loans for the Chigirin photovoltaic (PV) project, already under construction in the Cherkasy region. The European Bank for Reconstruction and Development (EBRD) is extending EUR 19.7 million in its fifth investment under the EUR-250-million Ukraine Sustainable Energy Lending Facility III since July 2018. The Nordic Environment Finance Corporation (NEFCO) and the Swedish Government's development financier Swedfund are lending EUR 5 million and EUR 10 million, respectively, the EBRD said on July 2.

The total investment in the park is estimated to be EUR 53 million. Scatec Solar will be the lead equity investor and is looking for equity partners. The Norwegian company will be in charge of the engineering, procurement and construction (EPC), operation and maintenance (O&M), and asset management of the solar power plant.

The start of commercial operation at Chigirin is planned for the first half of 2020. The solar farm will be offsetting more than 36,000 tonnes of carbon dioxide (CO2) emissions per year.

Scatec Solar said it has 282 MW of projects under construction in Ukraine.

(EUR 1 = USD 1.14)

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