Scatec Solar Reaches Financial Close For 55 MW Project In Ukraine
Scatec Solar and partners have closed financing for the 55 MW Chigirin project in central Ukraine with a total investment of EUR 53 million.
The European Bank for Reconstruction and Development (EBRD), The Nordic Environment Finance Corporation (NEFCO) and Swedfund have signed credit agreements for the non-recourse debt financing of the project. The credit facilities amount to EUR 37 million and covers up to 70% of the total project costs.
Scatec Solar will be the lead equity investor in the project and is in the process of securing additional equity partners for the project. The company will also be the Engineering, Procurement and Construction (EPC) provider and provide Operation & Maintenance as well as Asset Management services to the power plant. Construction has started with expected commercial operation in first half 2020.
The project will be realised under Ukraine's 10-year Feed-in-Tariff scheme and is expected to deliver about 65 GWh per year. The plant located in the Cherkasy region in central Ukraine will be providing clean energy for up to 28,000 households and contribute to avoid more than 36,000 tonnes of carbon emissions per annum. 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.
With this project Scatec Solar has 282 MW under construction and project backlog of 123 MW in Ukraine. Globally Scatec Solar has 844 MW in operation and 1,016 MW under construction, and a project backlog and pipeline of 4.6 GW.