Scatec Solar reached financial close for 55 MW Chigirin solar PV project in Ukraine

Scatec Solar has signed a credit agreements for the non-recourse debt financing with the European Bank for Reconstruction and Development (EBRD), The Nordic Environment Finance Corporation (NEFCO) and Swedfund for the amount EUR37 million (US$41.23 million), covering up 70% total project costs of the 55 MW Chigirin solar PV project, total investment of EUR53 million (US$59.05 million).

Scatec Solar will be the lead equity investor in the project and is in the process of securing additional equity partners for the project. The company will also be the Engineering, Procurement, and Construction (EPC) provider and provide Operation & Maintenance as well as Asset Management services to the power plant. Construction has started with expected commercial operation in the first half of 2020.

The project will be realized under Ukraine’s 10-year Feed-in-Tariff scheme and is expected to deliver about 65 GWh per year. The plant located in the Cherkasy region in central Ukraine will be providing clean energy for up to 28,000 households and contribute to avoiding more than 36,000 tonnes of carbon emissions per annum.  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.