Scatec Solar has reached financial close for its 47 MW solar photovoltaic project located in the Mykolaiv region in the south of Ukraine.
The EUR36 million (US$41.2 million) non-recourse debt financing that covers 70% of the project will come from European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB).
The construction phase will now commence for the project and is expected to be operational by late 2019.
Scatec Solar owns 51% stakes in the project and will be in charge of engineering, procurement and construction (EPC), operation and maintenance (O&M) and asset management. Its partner in the scheme with a 49% stake is Rengy Development Group.
The project has a 10-year feed-in tariff (FiT) contract in Ukraine and is expected to produce up to 58 GWh of solar power annually.
Country updates
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EBRD reviews loans for combined 329.5 MW wind projects in Poland and Ukraine
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Scatec Solar secures 121 MW solar project in Ukraine
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