Scatec Solar’s Ukranian 32MW scheme finds development backer

Facebook
Twitter
LinkedIn
Reddit
Email
The deal signed by Scatec Solar and FMO will unlock funding for 32MW Kamianka (Credit: FMO)

Scatec Solar has enlisted a development financier for a utility-scale project in Ukraine, one of a few it is working to deploy in the Eastern European state.

Dutch development bank FMO has agreed to acquire a 40% share of the 32MW Kamianka project, with Scatec Solar set to retain the remaining 60%.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The scheme is designed to produce an annual 39GWh, enough to cover the needs of over 10,000 Ukrainians. It is predicted to cost around €35 million (US$39.52 million), 70% of which will come in the form of non-recourse debt from the EBRD and FMO.

Scatec Solar will remain the EPC, O&M and asset management service provider for the project. The firm began construction in early 2019 and intends to take the plant to commercial launch during this year's fourth quarter, Scatec Solar explained.

The project is one of several Scatec Solar is building with support from Ukraine’s 10-year feed-in tariffs (FiT). The same subsidy arrangement will back the 148MW Progressovka plant, which EPC PowerChina Guizhou Engineering started building this week.

The Norwegian firm, responsible for a 500MW pipeline in Ukraine, is amongst those reaping FiT support before it is phased out in the Eastern state, replaced by deregulated auctions. The country is seen as an irradiation hotspot, but concerns remain over grid constraints and access to finance.

For Scatec Solar, the past few months have been busy in Ukraine and beyond.

The developer has completed batch after batch of an EBRD-backed 400MW bifacial PV complex in Egypt, worked on a 33MW scheme in Mali, linked a 65MW plant in Malaysia and become a finalist for a 3.5-4MW floating project in the Seychelles.

As for Dutch development financier FMO, its foray in Ukraine comes two months after it helped arrange funding of US$59.2 million for a 50MW project in Jordan, equipped with locally-sourced solar panels.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

September 5, 2025
Scientists from Germany and Saudi Arabia have discovered that perovskite thin-film cells are compatible with current industry standard silicon solar cells, which they claim is a “crucial step toward the industrialisation of perovskite silicon tandem solar cells”.
September 4, 2025
Fraunhofer ISE has completed testing work of grid-forming inverters currently available in the energy industry.
September 4, 2025
The Czech national cybersecurity agency has warned that Chinese solar inverters represent a threat to the country’s data security.
September 3, 2025
Developers Alight Neoen have commissioned the 100MWp Hultsfred Solar Farm in Småland, southern Sweden.
September 3, 2025
Chinese solar manufacturer Trinasolar has signed a patent licence agreement with French module manufacturing startup Holosolis to use its TOPCon solar cell technology.
September 2, 2025
The Fraunhofer Institute for Solar Energy Systems (ISE) will build a pilot solar cell line in Germany to support US manufacturer Talon PV’s efforts to establish solar cell capacity in the US.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines