Scatec Solar said PowerChina Guizhou’s 2-year construction financing facility for 148 MW Progressovka Solar Power Plant covers 65% of the €124 million ($139 million) capex of the Ukraine project. (Photo Credit: Scatec Solar)
- Scatec Solar of Norway has started construction on Progressovka Solar Plant with 148 MW capacity in Ukraine
- PowerChina Guizhou Engineering will provide construction financing and EPC services
- The Norwegian company said the project is expected to assume commercial operations in H1/2020 when it will generate around 187 GWh of clean power annually
- Another project of Scatec Solar in Ukraine, 32 MW Kamianka Solar Plant has found 40% shareholder in Dutch development bank FMO
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Norway’s Scatec Solar has begun construction of its 148 MW Progressovka Solar Project in Ukraine with PowerChina Guizhou Engineering Co. Ltd. While the Norwegian company will invest equity and provide EPC management, operation and maintenance and asset management services, its Chinese partner will provide construction financing and EPC services.
PowerChina’s 2-year construction financing facility covers 65% of the €124 million ($139 million) capex for the project. Scatec said it is at an advanced stage of securing long-term debt financing and bringing an equity partner on board. Both will be finalized in H1/2020 when the plant is commissioned.
The project is coming up on public land leased for an extended time period and will be realized under the Eastern European country’s 10-year feed-in-tariff (FIT) scheme. On completion, it is expected to generate around 187 GWh of clean power annually.
The 148 MW project is part of the company’s 500 MW project portfolio in Ukraine out of which 229 MW is under construction and 274 MW of project backlog. Scatec Solar said it will realize the remaining capacity in the country with financing from multilateral development banks.
FMO acquires stake in Ukraine PV plant
Dutch development bank FMO has acquired a 40% equity stake in Scatec Solar’s 32 MW Kamianka Solar Project in Ukraine that’s funded by the European Bank for Reconstruction and Development (EBRD) and FMO. Total project cost is €35 million ($39.37 million). Scatec Solar will own 60% of the project and provide EPC, O&M and asset management services to the plant that’s already under construction. It is expected to become operational in Q4/2019.
In December 2018, Scatec Solar’s 47 MW Rengy Solar Power Project in Ukraine it is developing with Rengy Development Group, achieved financial closure with European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB) providing €36 million ($40.7 million) (see EBRD Loan For 47 MW PV In Ukraine).