FMO invests in Scatec Solar’s Ukrainian 55 MW »Chigirin« project

Norwegian Scatec Solar ASA has signed an agreement with FMO, the Dutch development bank, for FMO to take an equity stake in Scatec Solar’s 55 MW »Chigirin« project in Ukraine. The total investment for the project is estimated at €54 million ($59 million) 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.
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.

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