Scatec Solar and FMO enter equity partnership for the Chigirin project in Ukraine

Scatec Solar has signed an agreement with FMO, the Dutch development bank, for FMO to take a 40 percent equity stake in Scatec Solar’s 55 MW Chigirin project in Ukraine.
Scatec Solar and FMO enter equity partnership for the Chigirin project in Ukraine
Liminskaya solar farm Ukraine

The total investment for the project is estimated at 54 million euros and is funded by non-recourse debt financing from the European Bank for Reconstruction and Development (EBRD), The Nordic Environment Finance Corporation (NEFCO) and Swedfund. FMO’s equity stake is financed by the Access to Energy Fund, which FMO manages on behalf of the Dutch government.

“We are pleased to announce this second equity co-investment with our long-term partner FMO” said Raymond Carlsen CEO of Scatec Solar. “We are working with FMO as a debt and equity partner on a range of projects in Ukraine and internationally and we expect more cooperation in the years to come”.

Linda Broekhuizen, Chief Investment Officer FMO, added that this second co-investment demonstrates the potential of renewable energy in Ukraine and that supporting the country in transitioning to a low-carbon energy system is aligned with FMO’s strategy to increase its green investments and mitigate climate change.

Scatec Solar is the lead equity investor in the project with 60 percent ownership, while FMO holds the remaining 40 percent. 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 started mid 2019 with commercial operation expected mid-2020.

The project is being realised under Ukraine’s 10-year Feed-in-Tariff scheme and is expected to produce about 65 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.

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Scatec Solar


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