Scatec Solar Secures Financing For 54 MW Ukraine Project

FMO Helps Coordinate Non-Recourse Debt Financing Worth €38 Million For Scatec Solar’s 54 MW Boguslav Solar Power Plant In Ukraine With Total Project Cost Being €54 Million
05:25 AM (Beijing Time) - 10. July 2019
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Scatec Solar has achieved financial closure for the 54 MW Boguslav Solar Power Plant (in the picture) it is building in the Ukraine. It is part of the company’s 336 MW portfolio in the country that is currently under construction. (Photo Credit: Scatec Solar)

Key Takeaways

  • Scatec Solar has announced achieving financial closure for its 54 MW solar power plant in Ukraine
  • Project financing covering 70% of costs has been coordinated by FMO that amounts to €38 million ($42.6 million)
  • Scatec Solar is looking for additional equity partners for the project for which it will be the lead equity investor
  • With 54 MW planned capacity, the Boguslav Solar Power Plant is expected to come online in H1/2020

Scatec Solar is moving at lightning speed with its project development work in Ukraine. Soon after announcing financial closure for its 55 MW Chigirin Solar Project in Ukraine’s Cherkasy region in June 2019 that’s currently under construction, the Norwegian company is progressing with another PV project with 54 MW capacity.

The Boguslav Solar Power Plant with 54 MW capacity has achieved financial closure with a total investment of €54 million ($60.58 million). Non-recourse debt financing worth €38 million ($42.6 million) covering 70% of the total project costs have been provided by the Dutch development bank FMO that acted as the coordinator for the financing, Green for Growth Fund (under FMO’s B Facility) and Norwegian government’s Guarantee Institute for Export Credits (GIEK).

Scatec Solar will act as the lead equity investor and is looking for more equity partners.

The project is under construction and is expected to achieve commercial operations in H1/2020 under the country’s 10-year feed-in-tariff (FIT) scheme. On completion, it is expected to generate 61 GWh of clean solar power annually.

Scatec Solar will provide EPC and O&M services, along with asset management services for the project.

Providing an update for its project portfolio in Ukraine, Scatec Solar said it has 336 MW under construction and 69 MW of project backlog. This forms part of its global under construction capacity of 1,070 MW with another 844 MW in operation. The company has a project pipeline of 4.6 GW globally.

‘Under construction’ facilities in Ukraine comprise the 148 MW Progressovka Solar Project and 32 MW Kamianka Solar Plant (see Scatec Solar Breaks Ground On 148 MW PV Project).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani