NEFCO co-finances a new solar power park in central Ukraine

The Nordic Environment Finance Corporation (NEFCO) is co-financing the construction of a 55 MW capacity solar plant in the Cherkasy region. This is the fourth solar power plant to be developed in Ukraine by the Norwegian solar power producer Scatec Solar.

The plant will be constructed and operated by Scatec Solar ASA, and it is expected that the plant will start to deliver to the grid during the first half of 2020. Once the plant is in production, it will annually deliver 65,000 MWh, which means that it will provide clean energy to up to 28,000 households. The renewable energy provided will ensure annual emission reductions of about 36,000 tonnes of CO2.

Ukraine aims to source 11% of its energy needs from renewable sources by 2020, and several investments in the field of renewable energy are currently being developed in the country. The project contributes to Ukraine’s targets to secure its energy supply while at the same time reducing CO2 emissions and supporting the UN’s sustainable development goals for providing clean and affordable energy (SDG 7) as well as combat climate change (SDG 13).

Scatec Solar is specialising on emerging markets and today operates and cunstructs solar power plants totalling 1.8 GW globally. NEFCO has long experience investing in energy efficiency and renewable energy projects in Ukraine, and this is the fourth solar power project constructed with NEFCO financing in the country.

“By financing and sharing risk we are enabling a Norwegian company to invest in Ukraine and to simultaneously support Ukraine in its transition towards clean and sustainable energy,” says Trond Moe, Managing Director at NEFCO.

A loan agreement has been signed between NEFCO and the local project company, Greenteco LLC, owned by Scatec Solar. NEFCO will contribute EUR 5 million in loan financing. The other financing partners, in addition to Scatec Solar, are Sweden’s development finance institution Swedfund and the European Bank of Reconstruction and Development. The total investment in the project is EUR 53.4 million.

NEFCO has financed several renewable energy and energy-efficiency projects in the country in recent years. The current project portfolio in Ukraine comprises over 150 projects.

For further information, please contact:

Amund Beitnes, Senior Investment Manager, NEFCO, Tel. +358 10 618 0658

Ingrid Aarsnes, VP Communication & IR, Scatec Solar, Tel. +47 950 38 364

About Scatec Solar

Scatec Solar is a Norwegian integrated independent solar power producer founded in 2001 that delivers affordable, rapidly deployable and sustainable clean energy worldwide. The company develops, builds, owns, and operates solar power plants and has a total of 1.8 GW in operation and under construction in Argentina, Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda, South Africa and Ukraine. Scatec Solar is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’. Read more at

About Swedfund

Swedfund is Sweden’s development finance institution (DFI) whose mission is to fight poverty by investing in sustainable businesses. Its goal is to contribute to sustainable and inclusive growth, fight climate change and work for the economic empowerment of women. Swedfund invest to create decent jobs, generate renewable energy and improve access to healthcare and is managed by the Ministry of Enterprise and Innovation. The institution’s operations are financed partly through capital injections for which the Ministry of Foreign Affairs is responsible and through reflows from its own portfolio. Swedfund was founded in 1979 and has since its inception made more than 240 investments in more than 60 countries. Read more at

About EBRD

The European Bank of Reconstruction and Development (EBRD) is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The bank is owned by 66 countries as well as the EU and the and the European Investment Bank. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Read more at

Photo: Chigirin project site in Ukraine, formerly an industrial site planned for nuclear power will now host a clean energy power plant. A biodiversity study was performed prior to the project in order to minimise the risk of negatively affecting any flora and fauna of the area. – Photo by Scatec Solar.

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