Scatec closes financing for 55 MW power plant in Ukraine

The Norwegian solar project developer and power plant operator Scatec Solar ASA has completed the financing of a 55 MW power plant in Chigirin in the central Ukrainian region of Cherkasy. The total investment amounts to €53 million ($60.2 million). The financing partners are the European Bank for Reconstruction and Development (EBRD), The Nordic Environment Finance Corporation (NEFCO) and the Swedish development bank Swedfund, which together provide loans of €37 million ($42.1 million).
According to Scatec, it is the main investor and currently »in the process of securing additional equity partners«. Nevertheless, work on the power plant has already begun and commissioning is scheduled for the first half of next year. Scatec will also be responsible for engineering, procurement and construction (EPC), operation and maintenance (O&M) and asset management of the project.
The power plant’s expected annual output of 65 GWh will be marketed within the framework of the Ukrainian feed-in tariff valid for ten years. After this period, the power plant, built on leased public land, is supposed to continue to supply electricity.
Including this project, Scate says it has a portfolio of 282 MW under construction in Ukraine and a project pipeline of 123 MW. The company has 844 MW of capacity in operation worldwide, 1.02 GW under construction and a project pipeline of 4.6 GW.

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