Scatec Solar, FMO enter equity partnership for 32 MW Kamianka solar PV project in Ukraine

Scatec Solar has signed an agreement with FMO, the Dutch development bank, for FMO to take a 40% equity stake in Scatec Solar’s 32 MW Kamianka project in Ukraine. The total investment for the project is estimated at EUR35 million (US$39.4 million) and is funded by 70 percent non-recourse debt financing from the European Bank for Reconstruction and Development (lead arranger) and FMO.

Scatec Solar is the lead equity investor in the project with 60% ownership, while FMO holds the remaining 40%. Scatec Solar is also the Engineering, Procurement and Construction (EPC) provider and will provide Operation & Maintenance as well as Asset Management services to the power plant. Construction of the project started in early 2019 with commercial operation expected in the fourth quarter of 2019.

The project is being realised under Ukraine’s 10-year Feed-in-Tariff scheme and is expected to produce about 39 GWh per year. Public land will be leased for an extended time-period and the solar power plant is expected to deliver power also beyond the Feed-in-tariff period.