EBRD to provide 19.7 million euro to build solar power plant in Chyhyryn

The European Bank for Reconstruction and Development (EBRD) would provide a loan of 19.7 million euro to Norway’s Scatec Solar in the persons of Scatec Solar ASA to build a solar power plant with a capacity of 55.4 MW in Chyhyryn (Cherkasy region), the EBRD said in a press release.

Additional funding will be provided by Swedfund International AB, the Swedish Government’s development financier, and the Nordic Environment Finance Corporation (with loans of 10.0 million euro and 5.0 million euro, respectively.

The new solar project is also the fifth investment under the EBRD 250 million euro Ukraine Sustainable Energy Lending Facility III since its approval in July 2018. The developer said that the loans will cover 70 percent of total costs.

“The new solar plant is expected to be operational in 2020 and will reduce the amount of CO2 emissions by more than 36.000 tonnes per year. It is already the third project of Scatec in Ukraine after a 47 MW project Mykolaiv and a 30 MW plant in Kamianka, which were also EBRD supported,” the bank said.

In addition to them, currently, Scatec Solar together with the Chinese corporation PowerChina Guizhou Engineering Co. Ltd. is building in Ukraine SES “Progressovka” with a capacity of 148 MW (Prohresivka, Mykolaiv region). The total cost of the project is 124 million euro.