Scatec Solar's 30 MW solar PV project in Ukraine reaches financial close

Scatec Solar and partners have closed financing for the 30 MW Kamianka project in the Cherkassy region in central Ukraine with a total investment of EUR35 million (US$40 million).

The European Bank for Reconstruction and Development (EBRD) and FMO, the Dutch development bank have signed credit agreements for the non-recourse debt financing of the project. The credit facilities amount to EUR24.5 million (US$28 million) and covers 70% of the total project costs.

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 is starting early 2019 with commercial operation in fourth quarter 2019.

The project will be realised under the country's 10-year Feed-in-Tariff scheme and are 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.