Norwegian Scatec Solar will build solar power plants in Ukraine to reduce the use of coal and nuclear power. The Norwegian state contributes NOK 145 million.
The current 54 MW solar power plant will be built in Boguslav, south of the Ukrainian capital Kiev.
In total, the Guarantee Institute for Export Credit (GIEK) has provided NOK 1 billion for a number of solar projects in Ukraine in 2019. In the long term, Ukraine will phase out its old nuclear power plants, where some are as old as Chernobyl.
The Norwegian solar power company Scatec Solar announced in a stock exchange announcement on Monday that long-term loan financing for the facility in Boguslav is now in place. GIEK states that they provide EUR 14.3 million corresponding to NOK 145 million in loan guarantees to the company, which will build and own the solar park.
The Dutch development bank FMO and European Green for Growth Fund (GGF) also contribute to the funding.
Minister of Business Affairs Torbjørn Røe Isaksen (H) believes that this agreement has strengthened the relationship between Norway, Ukraine and Europe.
Ukraine is working actively and purposefully with its European adaptation, among other things to get closer to the EU’s energy standards. Then more, cleaner energy sources are needed. Norwegian Scatec Solar has unique expertise in the construction and operation of solar projects, and has projects in a number of markets abroad, says Røe Isaksen.
GIEK has guaranteed for Scatec Solar’s projects in several continents over the past few years, including South Africa, Egypt, Brazil, Malaysia and Honduras.
© NTB Scanpix / #Norway Today